Richardson Financial Services Inc. Acquires Shares of 847 Parker-Hannifin Co. (NYSE:PH)

Richardson Financial Services Inc. acquired a new stake in shares of Parker-Hannifin Co. (NYSE:PH) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 847 shares of the industrial products company’s stock, valued at approximately $390,000.

Several other institutional investors and hedge funds have also bought and sold shares of PH. Sachetta LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth $25,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Parker-Hannifin in the fourth quarter worth $26,000. First United Bank & Trust purchased a new stake in shares of Parker-Hannifin in the fourth quarter worth $29,000. Private Wealth Management Group LLC purchased a new stake in shares of Parker-Hannifin in the fourth quarter worth $33,000. Finally, Cherry Tree Wealth Management LLC raised its position in shares of Parker-Hannifin by 44.6% in the fourth quarter. Cherry Tree Wealth Management LLC now owns 81 shares of the industrial products company’s stock worth $37,000 after buying an additional 25 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PH. Bank of America raised their price target on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Truist Financial restated a “buy” rating and set a $611.00 price target on shares of Parker-Hannifin in a research report on Wednesday, May 15th. Stifel Nicolaus raised their price target on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company lowered their price target on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Finally, Argus raised their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $566.33.

Parker-Hannifin Stock Down 4.8 %

Shares of PH stock traded down $25.60 during trading hours on Friday, hitting $503.30. 1,363,822 shares of the company’s stock traded hands, compared to its average volume of 711,687. The stock’s fifty day simple moving average is $539.62 and its two-hundred day simple moving average is $510.79. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $570.15. The stock has a market cap of $64.69 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 2.12 and a beta of 1.46. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same period in the previous year, the business earned $5.93 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. On average, analysts expect that Parker-Hannifin Co. will post 24.84 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend was Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s payout ratio is 30.73%.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction that occurred 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 completion of the sale, the vice president now 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 Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction that occurred 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 completion of the sale, the vice president now 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. Also, VP Jay Reidy sold 572 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by insiders.

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.