MidWestOne Financial Group Inc. Makes New $293,000 Investment in Parker-Hannifin Co. (NYSE:PH)

MidWestOne Financial Group Inc. purchased a new stake in shares of Parker-Hannifin Co. (NYSE:PH) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 460 shares of the industrial products company’s stock, valued at approximately $293,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PH. Whipplewood Advisors LLC bought a new stake in Parker-Hannifin during the fourth quarter worth approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parker-Hannifin during the 4th quarter valued at $25,000. Millstone Evans Group LLC bought a new stake in shares of Parker-Hannifin in the 4th quarter worth $30,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $32,000. Finally, Kestra Investment Management LLC bought a new position in Parker-Hannifin during the fourth quarter valued at about $40,000. 82.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PH has been the topic of several research reports. Wolfe Research cut shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research report on Thursday, April 3rd. StockNews.com downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a report on Wednesday, March 19th. Citigroup cut their target price on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Argus set a $680.00 price target on shares of Parker-Hannifin in a research report on Tuesday, May 6th. Finally, Truist Financial dropped their price target on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $718.44.

Parker-Hannifin Stock Down 2.7%

NYSE:PH opened at $661.82 on Thursday. The business’s fifty day moving average price is $607.53 and its 200 day moving average price is $647.97. The firm has a market capitalization of $84.57 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 2.85 and a beta of 1.36. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. Parker-Hannifin Co. has a 1-year low of $488.45 and a 1-year high of $718.44.

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

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be given a $1.80 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date is Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.09%. Parker-Hannifin’s dividend payout ratio is presently 27.72%.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin 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 completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.39% of the company’s stock.

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.