Insigneo Advisory Services LLC Sells 311 Shares of Parker-Hannifin Corporation (NYSE:PH)

Insigneo Advisory Services LLC reduced its position in shares of Parker-Hannifin Corporation (NYSE:PH) by 27.3% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 829 shares of the industrial products company’s stock after selling 311 shares during the quarter. Insigneo Advisory Services LLC’s holdings in Parker-Hannifin were worth $504,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Brighton Jones LLC boosted its holdings in Parker-Hannifin by 5.9% during the fourth quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company’s stock valued at $1,150,000 after acquiring an additional 101 shares during the period. Union Bancaire Privee UBP SA bought a new stake in Parker-Hannifin during the 4th quarter valued at approximately $32,781,000. Bank Pictet & Cie Europe AG grew its holdings in Parker-Hannifin by 0.8% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 7,259 shares of the industrial products company’s stock valued at $4,617,000 after buying an additional 55 shares during the last quarter. Allworth Financial LP grew its holdings in Parker-Hannifin by 19.4% in the 4th quarter. Allworth Financial LP now owns 481 shares of the industrial products company’s stock valued at $325,000 after buying an additional 78 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in Parker-Hannifin by 4.8% in the 4th quarter. CIBC Asset Management Inc now owns 19,677 shares of the industrial products company’s stock worth $12,515,000 after buying an additional 895 shares during the period. 82.44% of the stock is owned by institutional investors.

Insider Transactions at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin 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 approximately $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PH has been the topic of several research analyst reports. 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 research note on Tuesday, April 8th. Wall Street Zen lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Wednesday, March 19th. Wolfe Research downgraded shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Argus set a $680.00 target price on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Finally, Barclays decreased their target price on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $719.71.

Parker-Hannifin Trading Up 0.0%

PH stock opened at $652.45 on Thursday. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $718.44. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The business’s 50 day moving average is $633.39 and its 200-day moving average is $643.61. The firm has a market cap of $83.37 billion, a P/E ratio of 25.12, a P/E/G ratio of 3.04 and a beta of 1.34.

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

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.