400 Shares in Parker-Hannifin Co. (NYSE:PH) Bought by Spirepoint Private Client LLC

Spirepoint Private Client LLC purchased a new stake in Parker-Hannifin Co. (NYSE:PH) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 400 shares of the industrial products company’s stock, valued at approximately $222,000.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Parker-Hannifin during the fourth quarter worth $665,188,000. Alphinity Investment Management Pty Ltd lifted its holdings 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 buying an additional 336,370 shares in the last quarter. Baird Financial Group Inc. boosted its position in Parker-Hannifin by 3.7% in the 4th quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock valued at $320,173,000 after buying an additional 25,060 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Parker-Hannifin by 11.8% during the fourth quarter. Wells Fargo & Company MN now owns 630,306 shares of the industrial products company’s stock valued at $290,382,000 after acquiring an additional 66,331 shares in the last quarter. Finally, AMF Tjanstepension AB increased its position in shares of Parker-Hannifin by 12.9% during the first quarter. AMF Tjanstepension AB now owns 616,400 shares of the industrial products company’s stock worth $342,660,000 after acquiring an additional 70,237 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PH shares. Stifel Nicolaus reduced their price target on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a report on Thursday. Truist Financial increased their target price on Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. KeyCorp lifted 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. Wells Fargo & Company cut their price target on shares of Parker-Hannifin from $630.00 to $600.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. Finally, Raymond James initiated coverage on shares of Parker-Hannifin in a report on Friday, June 28th. They set an “outperform” rating and a $610.00 price objective for the company. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $576.27.

Parker-Hannifin Stock Performance

NYSE PH traded down $3.02 during trading hours on Friday, reaching $544.65. The company’s stock had a trading volume of 600,474 shares, compared to its average volume of 735,546. 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 business has a 50-day simple moving average of $524.78 and a 200 day simple moving average of $523.10. Parker-Hannifin Co. has a 52 week low of $362.49 and a 52 week high of $570.15. The stock has a market cap of $70.01 billion, a PE ratio of 25.67, a PEG ratio of 2.08 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last announced its quarterly 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. The business 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 business’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the business posted $5.93 EPS. Equities research analysts predict that Parker-Hannifin Co. will post 24.85 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were given a $1.63 dividend. 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. This represents a $6.52 annualized dividend and a yield of 1.20%. Parker-Hannifin’s dividend payout ratio (DPR) is currently 30.73%.

Insider Buying and Selling at Parker-Hannifin

In related news, 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 value of $592,209.15. Following the sale, the vice president now directly owns 4,200 shares in the company, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP Berend Bracht sold 1,079 shares of the company’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 completion of the sale, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction 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 disclosure for this sale can be found here. 1.03% of the stock is currently owned by company 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.