First Affirmative Financial Network Acquires New Position in Parker-Hannifin Co. (NYSE:PH)

First Affirmative Financial Network acquired a new stake in Parker-Hannifin Co. (NYSE:PH) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 435 shares of the industrial products company’s stock, valued at approximately $242,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PH. Norges Bank acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at about $665,188,000. Alphinity Investment Management Pty Ltd raised its position in Parker-Hannifin by 42.2% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after acquiring an additional 336,370 shares during the last quarter. Kodai Capital Management LP acquired a new position in Parker-Hannifin during the fourth quarter worth about $122,449,000. International Assets Investment Management LLC raised its position in Parker-Hannifin by 65,634.7% during the fourth quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after acquiring an additional 219,220 shares during the last quarter. Finally, iA Global Asset Management Inc. acquired a new position in Parker-Hannifin during the third quarter worth about $58,601,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Activity at Parker-Hannifin

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Argus lifted their target price on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Truist Financial reiterated a “buy” rating and set a $611.00 price target on shares of Parker-Hannifin in a report on Wednesday, May 15th. Stifel Nicolaus lifted their price target on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their price target for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Finally, Bank of America boosted their target price on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Parker-Hannifin has an average rating of “Moderate Buy” and an average target price of $566.33.

Parker-Hannifin Trading Down 0.8 %

NYSE PH opened at $504.16 on Friday. The company’s fifty day simple moving average is $534.48 and its 200-day simple moving average is $513.28. Parker-Hannifin Co. has a 52 week low of $362.49 and a 52 week high of $570.15. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The stock has a market cap of $64.80 billion, a P/E ratio of 23.76, a PEG ratio of 2.03 and a beta of 1.46.

Parker-Hannifin (NYSE:PH) last posted its earnings results 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. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The business had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same period in the previous year, the company posted $5.93 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. Equities research analysts predict that Parker-Hannifin Co. will post 24.84 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were issued a $1.63 dividend. The ex-dividend date was Thursday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.29%. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Parker-Hannifin Company Profile

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.