Chase Investment Counsel Corp Boosts Holdings in Parker-Hannifin Co. (NYSE:PH)

Chase Investment Counsel Corp lifted its holdings in Parker-Hannifin Co. (NYSE:PH) by 1.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,668 shares of the industrial products company’s stock after buying an additional 27 shares during the period. Chase Investment Counsel Corp’s holdings in Parker-Hannifin were worth $768,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of PH. Alphinity Investment Management Pty Ltd purchased a new position in shares of Parker-Hannifin in the third quarter worth about $310,208,000. FMR LLC lifted its stake in shares of Parker-Hannifin by 9.6% in the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock worth $1,437,096,000 after buying an additional 324,063 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of Parker-Hannifin by 65,634.7% in the fourth quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after buying an additional 219,220 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Parker-Hannifin by 52.0% in the third quarter. Envestnet Asset Management Inc. now owns 506,406 shares of the industrial products company’s stock worth $197,255,000 after buying an additional 173,323 shares in the last quarter. Finally, iA Global Asset Management Inc. purchased a new position in shares of Parker-Hannifin in the third quarter worth about $58,601,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Up 0.1 %

Shares of NYSE:PH traded up $0.36 during trading on Monday, hitting $554.00. 174,137 shares of the company were exchanged, compared to its average volume of 579,640. The stock has a market capitalization of $71.14 billion, a P/E ratio of 27.41, a PEG ratio of 2.03 and a beta of 1.52. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.90 and a quick ratio of 0.49. Parker-Hannifin Co. has a 12-month low of $318.32 and a 12-month high of $570.15. The firm’s 50 day moving average price is $543.27 and its 200-day moving average price is $478.78.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 earnings per share for the quarter, topping the consensus estimate 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 company’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.76 EPS. On average, research analysts predict that Parker-Hannifin Co. will post 24.3 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.18%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Thursday, May 9th. Parker-Hannifin’s payout ratio is presently 29.31%.

Insider Activity

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the business’s stock in a transaction on 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 transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $2,741,899.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Parker-Hannifin news, COO Andrew D. Ross sold 3,904 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $510.16, for a total value of $1,991,664.64. Following the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $6,693,299.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Thomas C. Gentile sold 2,978 shares of the company’s 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 transaction, the vice president now owns 5,465 shares in the company, valued at $2,741,899.80. The disclosure for this sale can be found here. Insiders have sold 12,079 shares of company stock valued at $6,099,566 in the last ninety days. 1.03% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PH has been the topic of several research reports. The Goldman Sachs Group reissued a “buy” rating and issued a $551.00 price target on shares of Parker-Hannifin in a research note on Tuesday, January 2nd. KeyCorp raised their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Evercore ISI raised their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Barclays raised their price objective on shares of Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. Finally, TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $300.00 to $500.00 in a research report on Friday, March 1st. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $515.38.

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.