First Trust Direct Indexing L.P. Buys 505 Shares of Parker-Hannifin Co. (NYSE:PH)

First Trust Direct Indexing L.P. raised its stake in Parker-Hannifin Co. (NYSE:PH) by 14.4% in the fourth quarter, Holdings Channel reports. The firm owned 4,015 shares of the industrial products company’s stock after acquiring an additional 505 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Parker-Hannifin were worth $1,850,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PH. Brookstone Capital Management lifted its holdings in Parker-Hannifin by 0.7% during the 3rd quarter. Brookstone Capital Management now owns 4,262 shares of the industrial products company’s stock worth $1,598,000 after purchasing an additional 30 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in Parker-Hannifin by 3.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 36,377 shares of the industrial products company’s stock valued at $14,170,000 after acquiring an additional 1,112 shares in the last quarter. Accurate Wealth Management LLC acquired a new position in Parker-Hannifin in the 3rd quarter valued at $256,000. Cambridge Investment Research Advisors Inc. raised its holdings in Parker-Hannifin by 0.8% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 13,543 shares of the industrial products company’s stock valued at $5,275,000 after acquiring an additional 104 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in Parker-Hannifin by 3.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 17,215 shares of the industrial products company’s stock valued at $6,706,000 after acquiring an additional 502 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors.

Insider Activity at Parker-Hannifin

In related news, EVP Mark J. Hart sold 5,197 shares of the company’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $502.94, for a total transaction of $2,613,779.18. Following the sale, the executive vice president now owns 7,063 shares in the company, valued at approximately $3,552,265.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Mark J. Hart sold 5,197 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total value of $2,613,779.18. Following the transaction, the executive vice president now directly owns 7,063 shares in the company, valued at $3,552,265.22. The disclosure for this sale can be found here. Insiders have sold a total of 12,079 shares of company stock worth $6,099,566 in the last 90 days. Corporate insiders own 1.03% of the company’s stock.

Parker-Hannifin Trading Down 3.9 %

Shares of NYSE PH traded down $21.33 during trading on Thursday, reaching $521.63. The company had a trading volume of 541,984 shares, compared to its average volume of 587,120. The company’s fifty day moving average price is $544.84 and its 200-day moving average price is $481.32. Parker-Hannifin Co. has a 12 month low of $319.14 and a 12 month high of $570.15. The stock has a market cap of $66.98 billion, a P/E ratio of 26.88, a PEG ratio of 1.99 and a beta of 1.51. The company has a quick ratio of 0.49, a current ratio of 0.90 and a debt-to-equity ratio of 0.72.

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

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be given a dividend of $1.63 per share. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.25%. Parker-Hannifin’s dividend payout ratio is presently 29.31%.

Analysts Set New Price Targets

PH has been the subject of several analyst reports. TD Cowen raised 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. Stifel Nicolaus lifted their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Truist Financial started coverage on Parker-Hannifin in a report on Thursday, March 14th. They issued a “buy” rating and a $602.00 price objective for the company. Evercore ISI boosted their price target on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Finally, Barclays boosted their price target on Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a report on Tuesday, April 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, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.