KP Management LLC Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

KP Management LLC acquired a new stake in Parker-Hannifin Co. (NYSE:PH) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,000 shares of the industrial products company’s stock, valued at approximately $3,035,000.

A number of other hedge funds also recently modified their holdings of PH. Addison Advisors LLC bought a new position in Parker-Hannifin during the 2nd quarter worth $25,000. Harbor Investment Advisory LLC raised its stake 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 purchasing an additional 20 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new stake in Parker-Hannifin in the 4th quarter valued at about $30,000. Northwest Investment Counselors LLC acquired a new position in shares of Parker-Hannifin during the 1st quarter worth approximately $31,000. Finally, Fortitude Family Office LLC increased its holdings in shares of Parker-Hannifin by 346.7% during the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 52 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Buying and Selling at Parker-Hannifin

In other news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now owns 3,900 shares in the company, valued at approximately $2,299,947. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Joseph Scaminace sold 1,751 shares of the firm’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 transaction of $1,032,617.23. Following the completion of the sale, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Berend Bracht sold 850 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PH shares. Truist Financial reiterated a “buy” rating and issued a $673.00 price target (up from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Robert W. Baird increased their target price on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Barclays dropped their price target on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. TD Cowen increased their price objective on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research note on Wednesday, September 11th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus target price of $624.43.

Parker-Hannifin Price Performance

Parker-Hannifin stock opened at $630.14 on Wednesday. The stock has a 50-day moving average price of $581.81 and a two-hundred day moving average price of $552.36. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $639.87. The company has a market capitalization of $81.00 billion, a PE ratio of 29.70, a P/E/G ratio of 2.54 and a beta of 1.43. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $5.08 billion. During the same period last year, the company earned $6.08 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. Analysts expect that Parker-Hannifin Co. will post 26.63 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s payout ratio is presently 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.