Rehmann Capital Advisory Group Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Rehmann Capital Advisory Group acquired a new position in shares of Parker-Hannifin Co. (NYSE:PHFree Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 584 shares of the industrial products company’s stock, valued at approximately $325,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Parker-Hannifin in the fourth quarter worth about $665,188,000. Alphinity Investment Management Pty Ltd lifted its stake in shares of Parker-Hannifin by 42.2% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after acquiring an additional 336,370 shares in the last quarter. Kodai Capital Management LP acquired a new position in shares of Parker-Hannifin in the fourth quarter worth about $122,449,000. 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 acquiring an additional 219,220 shares in the last quarter. Finally, Groupama Asset Managment acquired a new position in shares of Parker-Hannifin in the fourth quarter worth about $63,043,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Up 2.6 %

Shares of PH traded up $13.25 during mid-day trading on Wednesday, reaching $521.93. The company’s stock had a trading volume of 371,268 shares, compared to its average volume of 647,482. The business has a fifty day moving average of $525.46 and a 200 day moving average of $518.83. The company has a market cap of $67.09 billion, a price-to-earnings ratio of 24.54, a price-to-earnings-growth ratio of 1.98 and a beta of 1.44. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $570.15. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PHGet Free Report) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the prior year, the company earned $5.93 earnings per share. The company’s revenue for the quarter was up .3% on a year-over-year basis. As a group, analysts forecast that Parker-Hannifin Co. will post 24.85 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were paid a $1.63 dividend. The ex-dividend date was Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.25%. Parker-Hannifin’s dividend payout ratio is 30.73%.

Wall Street Analysts Forecast Growth

PH has been the topic of several recent analyst reports. Argus boosted their price target on Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. KeyCorp boosted their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Bank of America boosted their price objective on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Truist Financial boosted their price objective on Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a report on Tuesday, July 2nd. Finally, Raymond James began coverage on Parker-Hannifin in a report on Friday, June 28th. They issued an “outperform” rating and a $610.00 price objective for the company. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $567.81.

Read Our Latest Stock Analysis on PH

Insider Transactions at Parker-Hannifin

In other news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jay Reidy sold 572 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the transaction, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Parker-Hannifin Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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