First Citizens Bank & Trust Co. Has $398,000 Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

First Citizens Bank & Trust Co. boosted its stake in Parker-Hannifin Co. (NYSE:PH) by 6.5% in the first quarter, HoldingsChannel reports. The firm owned 655 shares of the industrial products company’s stock after buying an additional 40 shares during the period. First Citizens Bank & Trust Co.’s holdings in Parker-Hannifin were worth $398,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PH shares. Stifel Nicolaus boosted their price objective on Parker-Hannifin from $630.00 to $670.00 and gave the stock a “hold” rating in a report on Monday, June 2nd. Argus set a $680.00 target price on Parker-Hannifin in a report on Tuesday, May 6th. Evercore ISI upped their price objective 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. Morgan Stanley started coverage on Parker-Hannifin in a research note on Thursday, June 5th. They issued an “equal weight” rating and a $700.00 price target for the company. Finally, Truist Financial reduced their target price on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Five investment 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 has a consensus rating of “Moderate Buy” and a consensus target price of $719.71.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $671.18 on Wednesday. The firm has a market cap of $85.76 billion, a P/E ratio of 27.78, a PEG ratio of 2.85 and a beta of 1.34. The company has a 50 day moving average of $619.99 and a 200 day moving average of $644.99. Parker-Hannifin Co. has a twelve month low of $488.45 and a twelve month high of $718.44. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51.

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 firm had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $6.51 earnings per share. As a group, research analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a $1.80 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.07%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 27.72%.

Insider Activity

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the firm’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 sale, the vice president now directly owns 2,083 shares of the company’s stock, valued at $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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.