Cherry Tree Wealth Management LLC Increases Stock Holdings in Parker-Hannifin Corporation (NYSE:PH)

Cherry Tree Wealth Management LLC raised its holdings in Parker-Hannifin Corporation (NYSE:PH) by 34.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 102 shares of the industrial products company’s stock after acquiring an additional 26 shares during the quarter. Cherry Tree Wealth Management LLC’s holdings in Parker-Hannifin were worth $62,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in shares of Parker-Hannifin by 16.5% in the first quarter. Blue Trust Inc. now owns 1,115 shares of the industrial products company’s stock worth $678,000 after buying an additional 158 shares during the last quarter. Townsend Asset Management Corp NC ADV increased its position in shares of Parker-Hannifin by 3.8% in the 1st quarter. Townsend Asset Management Corp NC ADV now owns 6,328 shares of the industrial products company’s stock valued at $3,846,000 after acquiring an additional 229 shares during the period. Hartford Financial Management Inc. raised its stake in Parker-Hannifin by 14.5% in the 1st quarter. Hartford Financial Management Inc. now owns 11,486 shares of the industrial products company’s stock worth $6,982,000 after acquiring an additional 1,455 shares during the last quarter. HCR Wealth Advisors lifted its position in Parker-Hannifin by 32.7% during the 1st quarter. HCR Wealth Advisors now owns 832 shares of the industrial products company’s stock worth $506,000 after acquiring an additional 205 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its position in Parker-Hannifin by 11.4% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 14,370 shares of the industrial products company’s stock worth $8,735,000 after acquiring an additional 1,473 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Stifel Nicolaus increased their price objective on Parker-Hannifin from $630.00 to $670.00 and gave the company a “hold” rating in a report on Monday, June 2nd. Wall Street Zen downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a report on Wednesday, March 19th. Argus set a $680.00 price target on shares of Parker-Hannifin in a research report on Tuesday, May 6th. Wolfe Research downgraded shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Finally, KeyCorp increased their price objective on shares of Parker-Hannifin from $690.00 to $735.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $719.71.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, the vice president now owns 2,083 shares in the company, valued at $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.39% of the company’s stock.

Parker-Hannifin Stock Up 0.0%

PH opened at $652.45 on Friday. The company has a fifty day moving average of $635.24 and a two-hundred day moving average of $643.27. The stock has a market capitalization of $83.37 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 3.04 and a beta of 1.34. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21.

Parker-Hannifin (NYSE:PH) last posted 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. The firm had revenue of $4.96 billion for the quarter, compared to analysts’ expectations of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the firm earned $6.51 EPS. On average, research analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were given a $1.80 dividend. The ex-dividend date was Friday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.10%. Parker-Hannifin’s payout ratio is 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.