Axxcess Wealth Management LLC Has $658,000 Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Axxcess Wealth Management LLC lifted its position in shares of Parker-Hannifin Co. (NYSE:PH) by 45.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,429 shares of the industrial products company’s stock after buying an additional 445 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Parker-Hannifin were worth $658,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. FMR LLC increased its stake in Parker-Hannifin by 9.6% during the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock worth $1,437,096,000 after acquiring an additional 324,063 shares during the period. Invesco Ltd. raised its stake in Parker-Hannifin by 1.8% in the third quarter. Invesco Ltd. now owns 2,911,452 shares of the industrial products company’s stock valued at $1,134,069,000 after purchasing an additional 52,739 shares in the last quarter. Northern Trust Corp lifted its position in Parker-Hannifin by 2.9% during the third quarter. Northern Trust Corp now owns 1,310,125 shares of the industrial products company’s stock worth $510,320,000 after purchasing an additional 36,744 shares during the period. Alphinity Investment Management Pty Ltd grew its stake in Parker-Hannifin by 42.2% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after buying an additional 336,370 shares in the last quarter. Finally, Kestra Advisory Services LLC increased its holdings in Parker-Hannifin by 7.4% in the 3rd quarter. Kestra Advisory Services LLC now owns 626,760 shares of the industrial products company’s stock valued at $244,136,000 after buying an additional 43,059 shares during the period. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Trading Down 0.1 %

Shares of NYSE PH opened at $550.14 on Wednesday. The stock has a market cap of $70.64 billion, a P/E ratio of 25.93, a price-to-earnings-growth ratio of 1.94 and a beta of 1.51. The firm has a 50 day moving average price of $545.73 and a two-hundred day moving average price of $486.41. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. Parker-Hannifin Co. has a 52-week low of $319.14 and a 52-week high of $570.15.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same period last year, the company earned $5.93 EPS. Parker-Hannifin’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, equities analysts forecast that Parker-Hannifin Co. will post 24.62 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is currently 27.90%.

Analyst Ratings Changes

PH has been the subject of a number of recent analyst reports. Wells Fargo & Company reduced their price target on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a research report on Monday. TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their price target for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Mizuho boosted their price target on Parker-Hannifin from $490.00 to $550.00 and gave the stock a “neutral” rating in a report on Friday, May 3rd. Evercore ISI raised their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Finally, Truist Financial boosted their target price on Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $539.56.

Insiders Place Their Bets

In other news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now directly owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 value of $306,872.28. Following the transaction, the vice president now directly owns 1,137 shares of the company’s stock, valued at $609,989.13. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Berend Bracht sold 1,079 shares of the firm’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 transaction of $592,209.15. Following the sale, the vice president now directly owns 4,200 shares of the company’s stock, 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 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.