Parker-Hannifin Corporation (NYSE:PH) Stock Position Lowered by Kingswood Wealth Advisors LLC

Kingswood Wealth Advisors LLC trimmed its stake in Parker-Hannifin Corporation (NYSE:PH) by 3.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,992 shares of the industrial products company’s stock after selling 285 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Parker-Hannifin were worth $5,466,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Whipplewood Advisors LLC acquired a new position in shares of Parker-Hannifin in the 4th quarter worth $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parker-Hannifin in the 4th quarter worth $25,000. Millstone Evans Group LLC acquired a new position in shares of Parker-Hannifin in the 4th quarter worth $30,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Parker-Hannifin in the 4th quarter worth $32,000. Finally, Kestra Investment Management LLC acquired a new position in shares of Parker-Hannifin in the 4th quarter worth $40,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Jay Reidy sold 150 shares of the business’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 completion of the transaction, the vice president now owns 2,083 shares of the company’s stock, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.39% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of NYSE PH opened at $652.36 on Wednesday. The business’s 50-day moving average price is $632.27 and its two-hundred day moving average price is $643.55. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $718.44. The company has a market capitalization of $83.36 billion, a P/E ratio of 25.12, a price-to-earnings-growth ratio of 3.09 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The firm had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the previous year, the company posted $6.51 earnings per share. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. Analysts anticipate that Parker-Hannifin Corporation 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 was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a $1.80 dividend. The ex-dividend date was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.10%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s payout ratio is currently 27.72%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on PH shares. Argus set a $680.00 target price on Parker-Hannifin in a report on Tuesday, May 6th. Mizuho set a $785.00 price target on Parker-Hannifin in a report on Friday, May 16th. Truist Financial lowered their price target on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Citigroup lowered their price target on Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Barclays lowered their price target on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $719.71.

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.