626 Financial LLC Sells 30 Shares of Parker-Hannifin Co. (NYSE:PH)

626 Financial LLC reduced its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 4.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 702 shares of the industrial products company’s stock after selling 30 shares during the period. 626 Financial LLC’s holdings in Parker-Hannifin were worth $427,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Whipplewood Advisors LLC bought a new position in Parker-Hannifin during the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $32,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $40,000. 82.44% of the stock is currently owned by institutional investors.

Insider Activity

In related 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 value of $93,055.50. Following the completion of the sale, the vice president now directly owns 2,083 shares in the company, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.39% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wolfe Research lowered Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research note on Thursday, April 3rd. Stifel Nicolaus raised their price target on Parker-Hannifin from $630.00 to $670.00 and gave the stock a “hold” rating in a research note on Monday. Morgan Stanley assumed coverage on Parker-Hannifin in a research note on Thursday. They issued an “equal weight” rating and a $700.00 price target for the company. Argus set a $680.00 price target on Parker-Hannifin in a research note 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 for the company in a research note on Tuesday, April 8th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus target price of $719.71.

Parker-Hannifin Stock Performance

Parker-Hannifin stock opened at $661.72 on Friday. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $84.55 billion, a P/E ratio of 27.39, a PEG ratio of 2.85 and a beta of 1.36. The stock’s 50 day moving average is $615.65 and its 200 day moving average is $645.90. Parker-Hannifin Co. has a twelve month low of $488.45 and a twelve month high of $718.44.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results 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 company had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the business posted $6.51 EPS. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities research analysts predict that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 9th will be issued a dividend of $1.80 per share. The ex-dividend date of this dividend is Friday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a dividend yield of 1.09%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 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.