Parker-Hannifin Co. (NYSE:PH) Shares Bought by Pegasus Asset Management Inc.

Pegasus Asset Management Inc. lifted its holdings in Parker-Hannifin Co. (NYSE:PH) by 0.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,264 shares of the industrial products company’s stock after buying an additional 24 shares during the quarter. Parker-Hannifin accounts for 3.0% of Pegasus Asset Management Inc.’s portfolio, making the stock its 8th biggest holding. Pegasus Asset Management Inc.’s holdings in Parker-Hannifin were worth $7,721,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PH. Harbor Investment Advisory LLC grew its holdings in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after buying an additional 20 shares during the period. Sachetta LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth about $25,000. Northwest Investment Counselors LLC acquired a new position in shares of Parker-Hannifin in the 1st quarter valued at approximately $31,000. First United Bank & Trust acquired a new stake in Parker-Hannifin in the fourth quarter valued at $29,000. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of Parker-Hannifin during the fourth quarter worth about $30,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock traded down $2.55 during midday trading on Monday, hitting $591.27. The company had a trading volume of 431,277 shares, compared to its average volume of 664,958. The business’s 50 day simple moving average is $540.19 and its two-hundred day simple moving average is $539.06. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $597.33. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The stock has a market cap of $76.00 billion, a PE ratio of 27.86, a P/E/G ratio of 2.37 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last released 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. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same period in the previous year, the business posted $6.08 earnings per share. Parker-Hannifin’s quarterly revenue was up 1.8% on a year-over-year basis. As a group, equities analysts predict that Parker-Hannifin Co. will post 26.61 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, August 28th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.10%. The ex-dividend date is Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Analyst Upgrades and Downgrades

PH has been the subject of a number of analyst reports. 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. Barclays decreased their price target on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their target price for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $673.00 price objective (up previously from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.14.

Insiders Place Their Bets

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.03% of the company’s stock.

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.