Fragasso Financial Advisors Inc Sells 2,376 Shares of Parker-Hannifin Co. (NYSE:PH)

Fragasso Financial Advisors Inc decreased its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 21.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,771 shares of the industrial products company’s stock after selling 2,376 shares during the quarter. Parker-Hannifin comprises about 0.4% of Fragasso Financial Advisors Inc’s portfolio, making the stock its 29th biggest holding. Fragasso Financial Advisors Inc’s holdings in Parker-Hannifin were worth $5,332,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Whipplewood Advisors LLC bought a new position in Parker-Hannifin during the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC bought a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $30,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $32,000. Finally, Kestra Investment Management LLC bought a new stake in Parker-Hannifin in the 4th quarter valued at $40,000. Institutional investors own 82.44% of the company’s stock.

Insider Buying and Selling

In related news, VP Jay Reidy sold 150 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the sale, the vice president now owns 2,083 shares of the company’s stock, valued at $1,292,230.71. This trade represents a 6.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.39% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Argus set a $680.00 price objective on shares of Parker-Hannifin in a research report on Tuesday, May 6th. Stifel Nicolaus raised their target price on shares of Parker-Hannifin from $564.00 to $630.00 and gave the stock a “hold” rating in a research note on Friday, May 2nd. Wolfe Research lowered shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research note on Thursday, April 3rd. Truist Financial lowered their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Finally, Mizuho set a $785.00 price objective on Parker-Hannifin in a report on Friday, May 16th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $718.44.

Parker-Hannifin Trading Down 0.5%

Shares of PH stock opened at $663.85 on Monday. Parker-Hannifin Co. has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The stock’s fifty day moving average price is $612.05 and its two-hundred day moving average price is $646.11. 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 company has a market cap of $84.83 billion, a PE ratio of 27.48, a P/E/G ratio of 2.85 and a beta of 1.36.

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

Parker-Hannifin Increases Dividend

The business 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 dividend on an annualized basis and a yield of 1.08%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, May 9th. Parker-Hannifin’s dividend payout ratio is currently 27.72%.

Parker-Hannifin Company Profile

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.