Parker-Hannifin Co. (NYSE:PH) Shares Bought by Rehmann Capital Advisory Group

Rehmann Capital Advisory Group grew its holdings in Parker-Hannifin Co. (NYSE:PH) by 9.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 708 shares of the industrial products company’s stock after purchasing an additional 62 shares during the period. Rehmann Capital Advisory Group’s holdings in Parker-Hannifin were worth $450,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of PH. Vanguard Group Inc. boosted its stake in Parker-Hannifin by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company’s stock worth $6,903,962,000 after buying an additional 111,406 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Parker-Hannifin by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company’s stock worth $1,699,580,000 after acquiring an additional 99,261 shares during the last quarter. Invesco Ltd. boosted its position in shares of Parker-Hannifin by 8.6% during the 4th quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company’s stock worth $1,591,810,000 after purchasing an additional 198,292 shares during the period. Norges Bank purchased a new stake in Parker-Hannifin in the fourth quarter valued at approximately $1,106,132,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Parker-Hannifin by 17.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,600,842 shares of the industrial products company’s stock worth $1,018,185,000 after purchasing an additional 237,634 shares in the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PH shares. UBS Group cut their price objective on Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Truist Financial reduced their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. KeyCorp dropped their price objective on shares of Parker-Hannifin from $790.00 to $690.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company increased their target price on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Finally, Wolfe Research downgraded shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research note on Thursday, April 3rd. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $705.35.

Parker-Hannifin Stock Up 1.0 %

Shares of NYSE:PH opened at $610.82 on Friday. The firm has a 50 day simple moving average of $601.46 and a 200-day simple moving average of $645.78. Parker-Hannifin Co. has a twelve month low of $488.45 and a twelve month high of $718.44. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $78.62 billion, a PE ratio of 25.28, a P/E/G ratio of 2.85 and a beta of 1.39.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The company had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same quarter last year, the company posted $6.51 earnings per share. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be given a dividend of $1.80 per share. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend is Friday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.80%.

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.