Bridges Investment Management Inc. Makes New $8.88 Million Investment in Parker-Hannifin Co. (NYSE:PH)

Bridges Investment Management Inc. bought a new stake in Parker-Hannifin Co. (NYSE:PH) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 17,555 shares of the industrial products company’s stock, valued at approximately $8,879,000.

Several other institutional investors have also added to or reduced their stakes in the company. Gilbert & Cook Inc. increased its position in Parker-Hannifin by 5.0% during the 4th quarter. Gilbert & Cook Inc. now owns 1,031 shares of the industrial products company’s stock worth $475,000 after purchasing an additional 49 shares in the last quarter. Clearbridge Investments LLC raised its stake in Parker-Hannifin by 122.3% during the fourth quarter. Clearbridge Investments LLC now owns 2,001 shares of the industrial products company’s stock worth $922,000 after buying an additional 1,101 shares during the last quarter. Sachetta LLC acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at about $25,000. Quest Partners LLC acquired a new position in Parker-Hannifin in the fourth quarter valued at approximately $402,000. Finally, Assetmark Inc. lifted its position in shares of Parker-Hannifin by 8.7% during the 4th quarter. Assetmark Inc. now owns 18,753 shares of the industrial products company’s stock valued at $8,640,000 after acquiring an additional 1,505 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Trading Up 2.9 %

Shares of PH stock opened at $626.42 on Friday. The business has a 50-day moving average of $569.51 and a 200 day moving average of $547.02. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $627.30. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The stock has a market capitalization of $80.52 billion, a PE ratio of 29.52, a P/E/G ratio of 2.39 and a beta of 1.43.

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

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.04%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s payout ratio is currently 30.73%.

Insider Activity

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Barclays cut their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $550.00 to $650.00 in a research note on Tuesday, May 28th. Wells Fargo & Company increased their price target on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Stifel Nicolaus reduced their price objective on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Finally, Truist Financial reiterated a “buy” rating and issued a $673.00 target price (up previously from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Two 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 MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average target price of $624.43.

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.