First Trust Direct Indexing L.P. Purchases 504 Shares of Parker-Hannifin Co. (NYSE:PH)

First Trust Direct Indexing L.P. grew its position in shares of Parker-Hannifin Co. (NYSE:PH) by 12.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,519 shares of the industrial products company’s stock after acquiring an additional 504 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Parker-Hannifin were worth $2,512,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of PH. Harbor Investment Advisory LLC grew its holdings in Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after buying an additional 20 shares in the last quarter. Sachetta LLC bought a new stake in Parker-Hannifin during the fourth quarter worth $25,000. Northwest Investment Counselors LLC bought a new stake in Parker-Hannifin during the first quarter worth $31,000. Wetzel Investment Advisors Inc. bought a new stake in Parker-Hannifin during the fourth quarter worth $26,000. Finally, First United Bank & Trust purchased a new position in Parker-Hannifin in the fourth quarter worth $29,000. Institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

PH has been the topic of several research analyst reports. Argus boosted their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Stifel Nicolaus reissued a “buy” rating and issued a $629.00 price objective on shares of Parker-Hannifin in a research report on Tuesday. Barclays cut their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Finally, Bank of America boosted their price objective on Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and an average target price of $569.69.

Parker-Hannifin Stock Performance

NYSE:PH opened at $512.72 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. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $570.15. The firm has a market cap of $65.91 billion, a price-to-earnings ratio of 24.16, a PEG ratio of 1.99 and a beta of 1.44. The business’s fifty day moving average is $528.79 and its 200 day moving average is $516.89.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same period in the previous year, the company posted $5.93 EPS. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. Research analysts predict that Parker-Hannifin Co. will post 24.85 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.27%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date was Thursday, May 9th. Parker-Hannifin’s payout ratio is presently 30.73%.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the sale, the vice president now directly owns 4,200 shares in the company, valued at approximately $2,305,170. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the company’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 in the company, valued at approximately $2,305,170. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jay Reidy sold 572 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 1,137 shares in the company, valued at $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 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.