Wealthstar Advisors LLC Sells 25 Shares of Parker-Hannifin Co. (NYSE:PH)

Wealthstar Advisors LLC reduced its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 1.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,914 shares of the industrial products company’s stock after selling 25 shares during the period. Wealthstar Advisors LLC’s holdings in Parker-Hannifin were worth $1,064,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PH. Norges Bank bought a new position in Parker-Hannifin in the 4th quarter worth approximately $665,188,000. Alphinity Investment Management Pty Ltd lifted its stake in Parker-Hannifin by 42.2% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after purchasing an additional 336,370 shares in the last quarter. Kodai Capital Management LP purchased a new stake in Parker-Hannifin in the 4th quarter worth approximately $122,449,000. International Assets Investment Management LLC lifted its stake in Parker-Hannifin by 65,634.7% in the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after purchasing an additional 219,220 shares in the last quarter. Finally, iA Global Asset Management Inc. purchased a new stake in Parker-Hannifin in the 3rd quarter worth approximately $58,601,000. 82.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 572 shares of the company’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 transaction of $306,872.28. Following the transaction, the vice president now owns 1,137 shares of the company’s stock, valued at $609,989.13. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by insiders.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded up $2.69 during mid-day trading on Thursday, reaching $512.72. The stock had a trading volume of 439,124 shares, compared to its average volume of 783,722. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The company has a market cap of $65.91 billion, a P/E ratio of 24.16, a price-to-earnings-growth ratio of 1.98 and a beta of 1.44. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $570.15. The business’s 50 day moving average price is $529.47 and its 200 day moving average price is $516.93.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. The company had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $5.93 earnings per share. Research analysts expect that Parker-Hannifin Co. will post 24.85 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were paid a dividend of $1.63 per share. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend was Thursday, May 9th. Parker-Hannifin’s payout ratio is presently 30.73%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PH shares. KeyCorp raised their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Raymond James initiated coverage on Parker-Hannifin in a research report on Friday, June 28th. They set an “outperform” rating and a $610.00 price target on the stock. Wells Fargo & Company reduced 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. Barclays dropped their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Finally, Argus increased their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $569.69.

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.