Hennion & Walsh Asset Management Inc. Reduces Stake in Parker-Hannifin Co. (NYSE:PH)

Hennion & Walsh Asset Management Inc. lessened its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 9.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,631 shares of the industrial products company’s stock after selling 783 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Parker-Hannifin were worth $4,241,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Sachetta LLC purchased a new position in Parker-Hannifin in the 4th quarter worth approximately $25,000. Wetzel Investment Advisors Inc. bought a new stake in Parker-Hannifin during the 4th quarter valued at $26,000. First United Bank & Trust purchased a new stake in Parker-Hannifin during the 4th quarter valued at $29,000. Harbor Investment Advisory LLC grew its holdings in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 20 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new position in shares of Parker-Hannifin in the fourth quarter valued at about $30,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Truist Financial reissued a “buy” rating and issued a $611.00 target price on shares of Parker-Hannifin in a research note on Wednesday, May 15th. Wells Fargo & Company dropped their target price on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a research report on Monday, May 6th. KeyCorp increased their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Stifel Nicolaus raised their price objective 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. Finally, Argus upped their target price on Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Parker-Hannifin has an average rating of “Moderate Buy” and a consensus price target of $569.06.

Insider Activity at Parker-Hannifin

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

Parker-Hannifin Price Performance

Shares of PH opened at $505.81 on Friday. The company has a market capitalization of $65.02 billion, a P/E ratio of 23.84, a price-to-earnings-growth ratio of 2.02 and a beta of 1.46. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $570.15. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The firm has a 50 day moving average of $531.05 and a 200 day moving average of $515.68.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping the consensus estimate of $6.10 by $0.41. The company had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. Parker-Hannifin’s revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the company earned $5.93 EPS. As a group, equities research analysts anticipate that Parker-Hannifin Co. will post 24.85 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were paid a $1.63 dividend. This is an increase 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%. The ex-dividend date of this dividend was Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Parker-Hannifin 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.