Mediolanum International Funds Ltd Takes $1.16 Million Position in Parker-Hannifin Co. (NYSE:PH)

Mediolanum International Funds Ltd bought a new stake in Parker-Hannifin Co. (NYSE:PH) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,084 shares of the industrial products company’s stock, valued at approximately $1,163,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sachetta LLC acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth $26,000. First United Bank & Trust acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth $29,000. Harbor Investment Advisory LLC grew its stake in shares of Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 20 shares during the period. Finally, Newbridge Financial Services Group Inc. acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth $30,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the business’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 transaction, the vice president now owns 1,137 shares of the company’s stock, valued at $609,989.13. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the business’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 transaction, the vice president now owns 1,137 shares of the company’s stock, valued at $609,989.13. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Berend Bracht sold 1,079 shares of the business’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 in the company, valued at approximately $2,305,170. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Parker-Hannifin Stock Up 2.9 %

Shares of NYSE:PH traded up $14.63 during midday trading on Wednesday, reaching $523.31. The company had a trading volume of 642,860 shares, compared to its average volume of 649,555. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The business’s 50 day moving average price is $525.46 and its 200 day moving average price is $518.83. The stock has a market cap of $67.27 billion, a PE ratio of 24.54, a P/E/G ratio of 1.98 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 released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. The business had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. Parker-Hannifin’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.93 earnings per share. Research analysts forecast that Parker-Hannifin Co. will post 24.85 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s payout ratio is 30.73%.

Analysts Set New Price Targets

Several research analysts have weighed in on PH shares. Bank of America lifted their target price on Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, May 17th. KeyCorp lifted their target price on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $550.00 to $650.00 in a report on Tuesday, May 28th. Wells Fargo & Company reduced their target price on Parker-Hannifin from $630.00 to $600.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Raymond James started coverage on Parker-Hannifin in a report on Friday, June 28th. They set an “outperform” rating and a $610.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus price target of $567.81.

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.