Community Financial Services Group LLC Raises Stock Holdings in Parker-Hannifin Corporation (NYSE:PH)

Community Financial Services Group LLC raised its position in Parker-Hannifin Corporation (NYSE:PH) by 1,338.2% in the first quarter, Holdings Channel.com reports. The institutional investor owned 6,630 shares of the industrial products company’s stock after purchasing an additional 6,169 shares during the period. Community Financial Services Group LLC’s holdings in Parker-Hannifin were worth $4,030,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PH. Norges Bank purchased a new stake in Parker-Hannifin in the fourth quarter valued at approximately $1,106,132,000. GAMMA Investing LLC lifted its stake in Parker-Hannifin by 66,111.8% in the first quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company’s stock valued at $1,054,870,000 after buying an additional 1,732,791 shares during the last quarter. Proficio Capital Partners LLC lifted its stake in Parker-Hannifin by 116,370.3% in the fourth quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock valued at $725,229,000 after buying an additional 1,139,265 shares during the last quarter. Royal Bank of Canada lifted its stake in Parker-Hannifin by 99.8% in the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company’s stock valued at $1,448,241,000 after buying an additional 1,137,564 shares during the last quarter. Finally, Capital World Investors purchased a new stake in Parker-Hannifin in the fourth quarter valued at approximately $418,174,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Trading Up 1.7%

Shares of PH stock opened at $664.08 on Tuesday. The business’s fifty day moving average price is $638.88 and its 200 day moving average price is $641.97. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $718.44. The firm has a market capitalization of $84.86 billion, a PE ratio of 25.57, a P/E/G ratio of 3.04 and a beta of 1.34. 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 (NYSE:PH) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping 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 analyst estimates of $4.99 billion. During the same quarter in the prior year, the company posted $6.51 earnings per share. Parker-Hannifin’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, sell-side analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 1.08%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, May 9th. Parker-Hannifin’s payout ratio is presently 27.72%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PH shares. Morgan Stanley started coverage on Parker-Hannifin in a report on Thursday, June 5th. They issued an “equal weight” rating and a $700.00 target price on the stock. Argus set a $680.00 target price on Parker-Hannifin in a report on Tuesday, May 6th. Truist Financial dropped their target price on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Stifel Nicolaus boosted their target price on Parker-Hannifin from $630.00 to $670.00 and gave the company a “hold” rating in a report on Monday, June 2nd. Finally, Evercore ISI boosted their target price on Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a report on Monday, May 19th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus target price of $719.71.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the business’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the sale, the vice president now directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.39% of the stock is owned by company insiders.

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.