Parker-Hannifin Co. (NYSE:PH) Stock Position Raised by Wedmont Private Capital

Wedmont Private Capital lifted its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 2.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,053 shares of the industrial products company’s stock after acquiring an additional 54 shares during the quarter. Wedmont Private Capital’s holdings in Parker-Hannifin were worth $1,152,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Beaumont Asset Management L.L.C. boosted its position in shares of Parker-Hannifin by 0.8% in the fourth quarter. Beaumont Asset Management L.L.C. now owns 3,071 shares of the industrial products company’s stock worth $1,415,000 after buying an additional 24 shares during the period. M&R Capital Management Inc. boosted its position in shares of Parker-Hannifin by 25.0% in the fourth quarter. M&R Capital Management Inc. now owns 125 shares of the industrial products company’s stock worth $58,000 after buying an additional 25 shares during the period. Private Trust Co. NA boosted its position in shares of Parker-Hannifin by 0.7% in the fourth quarter. Private Trust Co. NA now owns 3,755 shares of the industrial products company’s stock worth $1,730,000 after buying an additional 25 shares during the period. Keel Point LLC boosted its position in shares of Parker-Hannifin by 3.1% in the fourth quarter. Keel Point LLC now owns 842 shares of the industrial products company’s stock worth $388,000 after buying an additional 25 shares during the period. Finally, Great Valley Advisor Group Inc. boosted its position in shares of Parker-Hannifin by 1.8% in the fourth quarter. Great Valley Advisor Group Inc. now owns 1,410 shares of the industrial products company’s stock worth $650,000 after buying an additional 25 shares during the period. 82.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PH has been the subject of a number of research reports. Argus lifted their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Stifel Nicolaus lifted their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Bank of America lifted their price objective on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Truist Financial reissued a “buy” rating and set a $611.00 price objective on shares of Parker-Hannifin in a research report on Wednesday, May 15th. Finally, Barclays reduced their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $566.33.

Insider Transactions at Parker-Hannifin

In other news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Jay Reidy sold 572 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the transaction, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by corporate insiders.

Parker-Hannifin Trading Down 0.8 %

Parker-Hannifin stock opened at $504.16 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. The business’s 50-day simple moving average is $534.48 and its 200-day simple moving average is $512.74. The firm has a market capitalization of $64.80 billion, a PE ratio of 23.76, a PEG ratio of 2.03 and a beta of 1.46. Parker-Hannifin Co. has a 52 week low of $362.49 and a 52 week high of $570.15.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. The business had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $5.93 earnings per share. Equities research analysts forecast that Parker-Hannifin Co. will post 24.84 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were paid a $1.63 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.29%. Parker-Hannifin’s payout ratio is presently 30.73%.

About Parker-Hannifin

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.