Everhart Financial Group Inc. Sells 268 Shares of Parker-Hannifin Co. (NYSE:PH)

Everhart Financial Group Inc. reduced its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 27.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 700 shares of the industrial products company’s stock after selling 268 shares during the period. Everhart Financial Group Inc.’s holdings in Parker-Hannifin were worth $425,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Whipplewood Advisors LLC bought a new position in shares of Parker-Hannifin in the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Parker-Hannifin in the fourth quarter worth about $25,000. Millstone Evans Group LLC bought a new position in shares of Parker-Hannifin in the fourth quarter worth about $30,000. Mpwm Advisory Solutions LLC bought a new position in shares of Parker-Hannifin in the fourth quarter worth about $32,000. Finally, Kestra Investment Management LLC bought a new position in shares of Parker-Hannifin in the fourth quarter worth about $40,000. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Stock Performance

NYSE:PH opened at $653.73 on Friday. Parker-Hannifin Co. has a 1 year low of $488.45 and a 1 year high of $718.44. The firm has a 50 day moving average of $628.39 and a 200-day moving average of $644.16. 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 stock has a market capitalization of $83.53 billion, a P/E ratio of 27.06, a price-to-earnings-growth ratio of 2.85 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The company had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the company posted $6.51 earnings per share. Parker-Hannifin’s quarterly revenue was down 2.2% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 was paid on Friday, June 6th. Investors of record on Friday, May 9th were given a $1.80 dividend. This represents a $7.20 annualized dividend and a yield of 1.10%. The ex-dividend date was Friday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s payout ratio is 27.72%.

Insider Buying and Selling

In related news, VP Jay Reidy sold 150 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now owns 2,083 shares in the company, valued at $1,292,230.71. The trade was a 6.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.39% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Stifel Nicolaus lifted their price objective on Parker-Hannifin from $630.00 to $670.00 and gave the stock a “hold” rating in a research note on Monday, June 2nd. Mizuho set a $785.00 target price on Parker-Hannifin in a research report on Friday, May 16th. Evercore ISI lifted their target price on Parker-Hannifin from $824.00 to $827.00 and gave the stock an “outperform” rating in a research report on Monday, May 19th. Wolfe Research downgraded Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research report on Thursday, April 3rd. Finally, Wall Street Zen downgraded Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Wednesday, March 19th. 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 a consensus rating of “Moderate Buy” and a consensus price target of $719.71.

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.