Oakworth Capital Inc. Purchases 86 Shares of Parker-Hannifin Co. (NYSE:PH)

Oakworth Capital Inc. boosted its position in shares of Parker-Hannifin Co. (NYSE:PH) by 153.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 142 shares of the industrial products company’s stock after acquiring an additional 86 shares during the quarter. Oakworth Capital Inc.’s holdings in Parker-Hannifin were worth $72,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PH. TD Asset Management Inc increased its holdings in shares of Parker-Hannifin by 152.1% in the first quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock valued at $73,493,000 after purchasing an additional 79,774 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Parker-Hannifin by 8.5% in the first quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock valued at $12,761,000 after purchasing an additional 1,802 shares during the last quarter. abrdn plc increased its holdings in shares of Parker-Hannifin by 57.8% in the fourth quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock valued at $25,247,000 after purchasing an additional 20,073 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Parker-Hannifin in the fourth quarter valued at about $4,068,000. Finally, Concurrent Investment Advisors LLC grew its stake in shares of Parker-Hannifin by 261.4% in the first quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock valued at $1,397,000 after acquiring an additional 1,819 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on PH. Stifel Nicolaus decreased their price target on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Bank of America upped their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Wells Fargo & Company upped their price target on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Raymond James assumed coverage on shares of Parker-Hannifin in a research report on Friday, June 28th. They set an “outperform” rating and a $610.00 price objective for the company. Finally, Robert W. Baird upped their price objective on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $615.43.

Parker-Hannifin Price Performance

Shares of PH stock traded down $7.44 on Friday, reaching $583.40. The company had a trading volume of 577,741 shares, compared to its average volume of 669,030. The stock has a market capitalization of $74.99 billion, a PE ratio of 27.49, a price-to-earnings-growth ratio of 2.16 and a beta of 1.44. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $593.28. The business’s 50-day moving average is $532.04 and its 200 day moving average is $535.27.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the business earned $6.08 EPS. Equities research analysts forecast that Parker-Hannifin Co. will post 26.58 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, August 28th will be issued a $1.63 dividend. The ex-dividend date is Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a yield of 1.12%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

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.