Wright Investors Service Inc. Makes New $458,000 Investment in Parker-Hannifin Co. (NYSE:PH)

Wright Investors Service Inc. bought a new position in shares of Parker-Hannifin Co. (NYSE:PH) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 995 shares of the industrial products company’s stock, valued at approximately $458,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. OFI Invest Asset Management purchased a new stake in shares of Parker-Hannifin in the 3rd quarter valued at approximately $25,000. Baystate Wealth Management LLC grew its holdings in shares of Parker-Hannifin by 233.3% in the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 49 shares in the last quarter. First Capital Advisors Group LLC. acquired a new position in shares of Parker-Hannifin in the second quarter valued at approximately $30,000. Oakworth Capital Inc. grew its holdings in shares of Parker-Hannifin by 48.3% in the third quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 28 shares in the last quarter. Finally, ORG Partners LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $42,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PH shares. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $300.00 to $500.00 in a report on Friday, March 1st. KeyCorp boosted their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Evercore ISI boosted their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Truist Financial initiated coverage on shares of Parker-Hannifin in a report on Thursday, March 14th. They set a “buy” rating and a $602.00 price target for the company. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $551.00 price target on shares of Parker-Hannifin in a report on Tuesday, January 2nd. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $515.38.

Insider Activity

In other news, VP Thomas C. Gentile sold 2,978 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $501.72, for a total value of $1,494,122.16. Following the completion of the transaction, the vice president now owns 5,465 shares in the company, valued at approximately $2,741,899.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Mark J. Hart sold 5,197 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $502.94, for a total value of $2,613,779.18. Following the sale, the executive vice president now directly owns 7,063 shares of the company’s stock, valued at approximately $3,552,265.22. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Thomas C. Gentile sold 2,978 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the sale, the vice president now directly owns 5,465 shares in the company, valued at $2,741,899.80. The disclosure for this sale can be found here. Insiders sold 12,079 shares of company stock worth $6,099,566 in the last 90 days. 1.03% of the stock is currently owned by corporate insiders.

Parker-Hannifin Stock Down 0.5 %

Shares of Parker-Hannifin stock opened at $538.09 on Friday. The company has a market cap of $69.10 billion, a P/E ratio of 26.64, a PEG ratio of 1.98 and a beta of 1.52. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.49 and a current ratio of 0.90. Parker-Hannifin Co. has a one year low of $309.89 and a one year high of $570.15. The firm has a fifty day moving average of $540.09 and a two-hundred day moving average of $471.11.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.26 by $0.89. The business had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.82 billion. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The business’s revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the firm posted $4.76 EPS. On average, analysts forecast that Parker-Hannifin Co. will post 24.3 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were issued a $1.48 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.10%. Parker-Hannifin’s dividend payout ratio is presently 29.31%.

About Parker-Hannifin

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.