Magnetar Financial LLC Purchases 3,206 Shares of Parker-Hannifin Co. (NYSE:PH)

Magnetar Financial LLC lifted its position in Parker-Hannifin Co. (NYSE:PH) by 53.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,168 shares of the industrial products company’s stock after buying an additional 3,206 shares during the period. Magnetar Financial LLC’s holdings in Parker-Hannifin were worth $4,637,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Parker-Hannifin by 1.0% during the first quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock valued at $5,872,694,000 after purchasing an additional 105,475 shares during the period. Boston Partners lifted its position in Parker-Hannifin by 4.1% during the first quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock valued at $617,878,000 after purchasing an additional 43,535 shares during the period. AMF Tjanstepension AB lifted its position in Parker-Hannifin by 23.0% during the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares during the period. Baird Financial Group Inc. raised its position in Parker-Hannifin by 3.7% in the fourth quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock worth $320,173,000 after acquiring an additional 25,060 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in Parker-Hannifin by 18.1% in the second quarter. Envestnet Asset Management Inc. now owns 652,539 shares of the industrial products company’s stock worth $330,061,000 after acquiring an additional 99,959 shares during the period. Institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PH shares. Barclays decreased their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Evercore ISI increased their price target on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. Wells Fargo & Company increased their price target on shares of Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Mizuho upgraded shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and increased their price target for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Finally, Truist Financial reissued a “buy” rating and issued a $673.00 price objective (up from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $624.43.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the transaction, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the sale, the director now owns 3,900 shares in the company, valued at approximately $2,299,947. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The disclosure for this sale can be found here. 1.03% of the stock is owned by company insiders.

Parker-Hannifin Stock Performance

PH opened at $623.77 on Monday. The stock has a market capitalization of $80.18 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 2.42 and a beta of 1.43. The company has a fifty day moving average of $571.23 and a 200 day moving average of $547.89. Parker-Hannifin Co. has a fifty-two week low of $362.49 and a fifty-two week high of $627.30. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. During the same quarter last year, the business earned $6.08 earnings per share. Parker-Hannifin’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Parker-Hannifin Co. will post 26.63 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were given a dividend of $1.63 per share. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.05%. Parker-Hannifin’s dividend payout ratio (DPR) is currently 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.