Proficio Capital Partners LLC Purchases 78 Shares of Parker-Hannifin Co. (NYSE:PH)

Proficio Capital Partners LLC raised its position in shares of Parker-Hannifin Co. (NYSE:PH) by 4.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,760 shares of the industrial products company’s stock after purchasing an additional 78 shares during the period. Proficio Capital Partners LLC’s holdings in Parker-Hannifin were worth $978,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in PH. Sachetta LLC bought a new position in Parker-Hannifin in the fourth quarter worth approximately $25,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Parker-Hannifin during the 4th quarter worth $26,000. First United Bank & Trust bought a new stake in Parker-Hannifin during the fourth quarter valued at about $29,000. Harbor Investment Advisory LLC grew its stake in Parker-Hannifin by 60.6% in the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 20 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in Parker-Hannifin in the fourth quarter worth about $30,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Performance

PH traded down $0.09 on Tuesday, reaching $508.68. The stock had a trading volume of 416,253 shares, compared to its average volume of 649,606. The business’s 50-day moving average price is $525.46 and its two-hundred day moving average price is $518.83. The company has a market cap of $65.39 billion, a P/E ratio of 23.97, a price-to-earnings-growth ratio of 1.97 and a beta of 1.44. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $570.15. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63.

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 during the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. Parker-Hannifin’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.93 EPS. Sell-side analysts forecast that Parker-Hannifin Co. will post 24.85 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.28%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date was Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

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 shares were 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 in the company, valued at approximately $609,989.13. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, VP Jay Reidy sold 572 shares of the business’s stock in a transaction 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 sale, the vice president now owns 1,137 shares in the company, valued at approximately $609,989.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Truist Financial boosted their price objective on shares of Parker-Hannifin from $611.00 to $621.00 and gave the stock a “buy” rating in a research note on Tuesday, July 2nd. KeyCorp raised their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Bank of America increased their price target on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Argus boosted their price target on Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Finally, Barclays decreased their price objective on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.