West Oak Capital LLC Acquires New Shares in Parker-Hannifin Co. (NYSE:PH)

West Oak Capital LLC acquired a new stake in Parker-Hannifin Co. (NYSE:PH) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 665 shares of the industrial products company’s stock, valued at approximately $370,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Parker-Hannifin in the fourth quarter valued at about $665,188,000. Alphinity Investment Management Pty Ltd raised its holdings in Parker-Hannifin by 42.2% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after purchasing an additional 336,370 shares in the last quarter. Baird Financial Group Inc. raised its holdings in Parker-Hannifin by 3.7% in the fourth quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock worth $320,173,000 after purchasing an additional 25,060 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Parker-Hannifin by 11.8% in the fourth quarter. Wells Fargo & Company MN now owns 630,306 shares of the industrial products company’s stock worth $290,382,000 after purchasing an additional 66,331 shares in the last quarter. Finally, AMF Tjanstepension AB raised its holdings in Parker-Hannifin by 12.9% in the first quarter. AMF Tjanstepension AB now owns 616,400 shares of the industrial products company’s stock worth $342,660,000 after purchasing an additional 70,237 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Stock Performance

NYSE PH traded up $9.02 during trading hours on Tuesday, reaching $510.03. The stock had a trading volume of 542,145 shares, compared to its average volume of 655,633. The stock has a fifty day moving average of $530.28 and a 200 day moving average of $516.53. The stock has a market cap of $65.56 billion, a P/E ratio of 24.03, a price-to-earnings-growth ratio of 2.09 and a beta of 1.44. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $570.15. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping the consensus estimate of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the prior year, the firm posted $5.93 EPS. The business’s quarterly revenue was up .3% compared to the same quarter last year. Sell-side analysts predict that Parker-Hannifin Co. will post 24.85 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend was Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PH shares. Argus boosted their target price on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Wells Fargo & Company reduced their target price on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a report on Monday, May 6th. Mizuho upgraded shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $550.00 to $650.00 in a report on Tuesday, May 28th. Barclays dropped their price target on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Finally, Bank of America boosted their price target on Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $569.69.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the transaction, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

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.