514 Shares in Parker-Hannifin Co. (NYSE:PH) Acquired by Westover Capital Advisors LLC

Westover Capital Advisors LLC bought a new position in shares of Parker-Hannifin Co. (NYSE:PH) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 514 shares of the industrial products company’s stock, valued at approximately $237,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Sapient Capital LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter worth about $1,392,000. abrdn plc lifted its position in shares of Parker-Hannifin by 57.8% during the 4th quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock worth $25,247,000 after purchasing an additional 20,073 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in Parker-Hannifin in the 4th quarter worth approximately $3,305,000. 17 Capital Partners LLC acquired a new position in Parker-Hannifin during the 4th quarter valued at $2,271,000. Finally, HMS Capital Management LLC acquired a new stake in Parker-Hannifin during the fourth quarter worth $1,225,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Stifel Nicolaus increased their target price on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Barclays dropped their target price on Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating for the company in a research report on Friday. Evercore ISI boosted their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. KeyCorp boosted their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Finally, Truist Financial boosted their price objective on Parker-Hannifin from $602.00 to $611.00 and gave the company a “buy” rating in a research report on Friday. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $523.94.

Parker-Hannifin Stock Up 1.0 %

Shares of NYSE:PH traded up $5.50 during midday trading on Friday, hitting $536.18. 874,291 shares of the company’s stock were exchanged, compared to its average volume of 606,289. Parker-Hannifin Co. has a 12 month low of $319.14 and a 12 month high of $570.15. The company has a market cap of $68.85 billion, a PE ratio of 26.54, a price-to-earnings-growth ratio of 1.99 and a beta of 1.51. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.90 and a quick ratio of 0.49. The stock has a 50 day moving average price of $544.86 and a 200-day moving average price of $481.66.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating the consensus estimate of $6.10 by $0.41. The firm had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The company’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $5.93 earnings per share. On average, sell-side analysts anticipate that Parker-Hannifin Co. will post 24.3 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $6.52 annualized dividend and a yield of 1.22%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s payout ratio is 29.31%.

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.