Portside Wealth Group LLC Grows Stock Position in Parker-Hannifin Co. (NYSE:PH)

Portside Wealth Group LLC increased its position in shares of Parker-Hannifin Co. (NYSE:PH) by 10.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 679 shares of the industrial products company’s stock after buying an additional 65 shares during the quarter. Portside Wealth Group LLC’s holdings in Parker-Hannifin were worth $413,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Whipplewood Advisors LLC purchased a new stake in shares of Parker-Hannifin during the 4th quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Parker-Hannifin during the 4th quarter valued at approximately $25,000. Millstone Evans Group LLC acquired a new stake in Parker-Hannifin in the 4th quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC acquired a new stake in Parker-Hannifin in the 4th quarter valued at approximately $32,000. Finally, Kestra Investment Management LLC acquired a new stake in Parker-Hannifin in the 4th quarter valued at approximately $40,000. Hedge funds and other 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 business’s stock in a transaction on Friday, May 2nd. The shares were 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 of the company’s stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.39% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PH. Morgan Stanley began coverage on shares of Parker-Hannifin in a report on Thursday, June 5th. They issued an “equal weight” rating and a $700.00 target price for the company. Wolfe Research downgraded shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Mizuho set a $785.00 target price on shares of Parker-Hannifin in a report on Friday, May 16th. Evercore ISI lifted their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a report on Monday, May 19th. Finally, Barclays dropped their target price on shares of Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $719.71.

Parker-Hannifin Stock Performance

NYSE:PH opened at $671.18 on Wednesday. The company has a fifty day simple moving average of $619.99 and a two-hundred day simple moving average of $644.99. The company has a market cap of $85.76 billion, a price-to-earnings ratio of 27.78, a price-to-earnings-growth ratio of 2.85 and a beta of 1.34. 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 Co. has a 52 week low of $488.45 and a 52 week high of $718.44.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping analysts’ consensus estimates of $6.72 by $0.22. The firm had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The company’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $6.51 earnings per share. As a group, equities analysts anticipate that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

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

Parker-Hannifin 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.