Procyon Advisors LLC Sells 226 Shares of Parker-Hannifin Co. (NYSE:PH)

Procyon Advisors LLC decreased its position in shares of Parker-Hannifin Co. (NYSE:PH) by 4.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,009 shares of the industrial products company’s stock after selling 226 shares during the quarter. Procyon Advisors LLC’s holdings in Parker-Hannifin were worth $3,044,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of PH. Whipplewood Advisors LLC bought a new position in Parker-Hannifin in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in Parker-Hannifin in the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC bought a new position in Parker-Hannifin in the fourth quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC bought a new position in Parker-Hannifin in the fourth quarter valued at approximately $32,000. Finally, Kestra Investment Management LLC bought a new position in Parker-Hannifin in the fourth quarter valued at approximately $40,000. Institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on PH shares. Stifel Nicolaus lifted their price target on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a “hold” rating in a research note on Monday, June 2nd. Citigroup cut their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Evercore ISI lifted their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a research note on Monday, May 19th. KeyCorp lifted their price objective on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. Finally, Truist Financial lowered their price objective 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. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus price target of $719.71.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, the vice president now directly owns 2,083 shares of the company’s stock, valued at $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.39% of the company’s stock.

Parker-Hannifin Stock Performance

NYSE PH opened at $672.02 on Friday. 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 firm’s fifty day moving average price is $616.90 and its two-hundred day moving average price is $645.78. Parker-Hannifin Co. has a 1 year low of $488.45 and a 1 year high of $718.44. The firm has a market capitalization of $85.87 billion, a P/E ratio of 27.82, a price-to-earnings-growth ratio of 2.85 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results 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 net margin of 15.87% and a return on equity of 27.34%. The firm had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period in the prior year, the firm posted $6.51 earnings per share. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. As a group, research analysts anticipate that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were given a $1.80 dividend. The ex-dividend date was Friday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a dividend yield of 1.07%. Parker-Hannifin’s dividend payout ratio 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.