Parker-Hannifin Co. (NYSE:PH) Shares Acquired by Zimmer Partners LP

Zimmer Partners LP increased its stake in Parker-Hannifin Co. (NYSE:PH) by 61.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 42,500 shares of the industrial products company’s stock after acquiring an additional 16,100 shares during the quarter. Zimmer Partners LP’s holdings in Parker-Hannifin were worth $27,031,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of PH. Norges Bank purchased a new position in shares of Parker-Hannifin during the fourth quarter valued at $1,106,132,000. Proficio Capital Partners LLC grew its holdings in shares of Parker-Hannifin by 116,370.3% during the fourth quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock valued at $725,229,000 after buying an additional 1,139,265 shares in the last quarter. Royal Bank of Canada grew its stake in Parker-Hannifin by 99.8% in the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company’s stock valued at $1,448,241,000 after purchasing an additional 1,137,564 shares in the last quarter. Capital World Investors purchased a new position in Parker-Hannifin in the fourth quarter valued at about $418,174,000. Finally, OMERS ADMINISTRATION Corp grew its stake in Parker-Hannifin by 6,912.4% in the fourth quarter. OMERS ADMINISTRATION Corp now owns 312,472 shares of the industrial products company’s stock valued at $198,742,000 after purchasing an additional 308,016 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president now directly owns 2,083 shares in the company, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.39% of the company’s stock.

Parker-Hannifin Price Performance

NYSE PH opened at $679.71 on Tuesday. Parker-Hannifin Co. has a twelve month low of $488.45 and a twelve month high of $718.44. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The stock has a market capitalization of $86.85 billion, a PE ratio of 28.13, a P/E/G ratio of 2.85 and a beta of 1.36. The stock has a 50-day simple moving average of $604.68 and a 200 day simple moving average of $647.65.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share 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 business had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the firm earned $6.51 EPS. The firm’s revenue was down 2.2% compared to the same quarter last year. Research analysts anticipate that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be given a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 1.06%. The ex-dividend date is Friday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s payout ratio is currently 27.72%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Truist Financial lowered their target price on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. StockNews.com downgraded Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Citigroup lowered their target price on Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Wells Fargo & Company boosted their price target on Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, Mizuho set a $785.00 price target on Parker-Hannifin in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $718.44.

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.