Miracle Mile Advisors LLC Buys 52 Shares of Parker-Hannifin Co. (NYSE:PH)

Miracle Mile Advisors LLC increased its position in Parker-Hannifin Co. (NYSE:PH) by 7.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 709 shares of the industrial products company’s stock after acquiring an additional 52 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Parker-Hannifin were worth $394,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PH. LVW Advisors LLC bought a new position in Parker-Hannifin in the 1st quarter worth about $484,000. Seneca House Advisors bought a new position in shares of Parker-Hannifin in the first quarter worth approximately $237,000. Grimes & Company Inc. purchased a new stake in Parker-Hannifin in the first quarter valued at approximately $212,000. Capital Insight Partners LLC lifted its position in Parker-Hannifin by 53.2% during the first quarter. Capital Insight Partners LLC now owns 1,080 shares of the industrial products company’s stock valued at $600,000 after purchasing an additional 375 shares during the last quarter. Finally, AMF Tjanstepension AB grew its stake in Parker-Hannifin by 12.9% in the 1st quarter. AMF Tjanstepension AB now owns 616,400 shares of the industrial products company’s stock worth $342,660,000 after buying an additional 70,237 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Parker-Hannifin stock opened at $501.01 on Tuesday. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $570.15. The firm has a market cap of $64.40 billion, a P/E ratio of 23.61, a P/E/G ratio of 2.09 and a beta of 1.44. 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 firm has a 50-day moving average of $531.05 and a 200-day moving average of $516.21.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. The firm 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 business’s quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the company earned $5.93 EPS. Sell-side analysts expect that Parker-Hannifin Co. will post 24.85 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.30%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date was Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 30.73%.

Insider Activity

In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the firm’s 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 sale, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, 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 value of $592,209.15. Following the sale, the vice president now directly 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 Securities & Exchange Commission, which can be accessed through this link. Also, VP Jay Reidy sold 572 shares of the firm’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 transaction of $306,872.28. Following 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. Insiders own 1.03% of the company’s stock.

Wall Street Analyst Weigh In

PH has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their price objective on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a report on Monday, May 6th. Truist Financial reiterated a “buy” rating and issued a $611.00 price objective on shares of Parker-Hannifin in a report on Wednesday, May 15th. KeyCorp raised their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Raymond James started coverage on Parker-Hannifin in a research note on Friday. They issued an “outperform” rating and a $610.00 target price for the company. Finally, Bank of America lifted their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $569.06.

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.