Northstar Financial Companies Inc. purchased a new position in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 378 shares of the industrial products company's stock, valued at approximately $241,000.
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A number of other hedge funds also recently modified their holdings of PH. Mutual Advisors LLC lifted its holdings in shares of Parker-Hannifin by 7.5% during the fourth quarter. Mutual Advisors LLC now owns 659 shares of the industrial products company's stock worth $434,000 after purchasing an additional 46 shares during the period. Brighton Jones LLC increased its position in shares of Parker-Hannifin by 5.9% during the fourth quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company's stock worth $1,150,000 after acquiring an additional 101 shares in the last quarter. First Citizens Bank & Trust Co. increased its position in shares of Parker-Hannifin by 75.2% during the fourth quarter. First Citizens Bank & Trust Co. now owns 615 shares of the industrial products company's stock worth $391,000 after acquiring an additional 264 shares in the last quarter. Blue Trust Inc. increased its position in shares of Parker-Hannifin by 20.9% during the fourth quarter. Blue Trust Inc. now owns 2,375 shares of the industrial products company's stock worth $1,500,000 after acquiring an additional 411 shares in the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Parker-Hannifin during the fourth quarter worth about $32,781,000. Institutional investors and hedge funds own 82.44% of the company's stock.
Parker-Hannifin Stock Performance
Shares of PH stock traded down $3.38 during trading on Friday, reaching $663.85. 1,042,542 shares of the company's stock traded hands, compared to its average volume of 716,134. The company has a market capitalization of $84.83 billion, a P/E ratio of 27.48, a PEG ratio of 2.85 and a beta of 1.36. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The firm's 50-day moving average is $612.05 and its 200 day moving average is $646.11. Parker-Hannifin Co. has a 1 year low of $488.45 and a 1 year high of $718.44.
Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. The company had revenue of $4.96 billion for the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. Parker-Hannifin's revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the company posted $6.51 EPS. Equities research analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current year.
Parker-Hannifin Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be issued a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date is Friday, May 9th. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is 27.72%.
Insider Activity at Parker-Hannifin
In related news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president now owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.39% of the stock is owned by insiders.
Analyst Ratings Changes
Several research firms recently weighed in on PH. Evercore ISI boosted their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Stifel Nicolaus boosted their price target on shares of Parker-Hannifin from $564.00 to $630.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. Truist Financial cut their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Barclays cut their price target on shares of Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Finally, Argus set a $680.00 price target on shares of Parker-Hannifin in a report on Tuesday, May 6th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of "Moderate Buy" and a consensus price target of $718.44.
Read Our Latest Stock Report on PH
Parker-Hannifin Profile
(Free Report)
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.
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