Parker-Hannifin Co. (NYSE:PH) Shares Purchased by Prosperity Consulting Group LLC

Prosperity Consulting Group LLC increased its position in shares of Parker-Hannifin Co. (NYSE:PH) by 83.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,377 shares of the industrial products company’s stock after purchasing an additional 627 shares during the quarter. Prosperity Consulting Group LLC’s holdings in Parker-Hannifin were worth $765,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PH. Norges Bank acquired a new position in Parker-Hannifin in the fourth quarter valued at approximately $665,188,000. Alphinity Investment Management Pty Ltd lifted 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 valued at $521,861,000 after acquiring an additional 336,370 shares during the period. Baird Financial Group Inc. lifted 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 valued at $320,173,000 after acquiring an additional 25,060 shares during the period. Wells Fargo & Company MN increased its position in shares of 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 valued at $290,382,000 after buying an additional 66,331 shares in the last quarter. Finally, AMF Tjanstepension AB increased its position in shares of Parker-Hannifin by 12.9% in the first quarter. AMF Tjanstepension AB now owns 616,400 shares of the industrial products company’s stock valued at $342,660,000 after buying an additional 70,237 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Activity

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

Parker-Hannifin Trading Down 1.4 %

NYSE:PH traded down $7.22 during trading hours on Friday, hitting $505.50. The company had a trading volume of 548,772 shares, compared to its average volume of 743,681. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The company has a 50-day moving average of $527.10 and a 200 day moving average of $517.22. The company has a market cap of $64.98 billion, a P/E ratio of 23.82, a P/E/G ratio of 1.99 and a beta of 1.44. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $570.15.

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

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.29%. The ex-dividend date 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 30.73%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Raymond James assumed coverage on Parker-Hannifin in a research report on Friday, June 28th. They issued an “outperform” rating and a $610.00 price objective for the company. KeyCorp boosted their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Argus boosted their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Truist Financial boosted their price objective on Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Barclays dropped their price target on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $569.69.

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.