HCR Wealth Advisors Acquires New Shares in Parker-Hannifin Co. (NYSE:PH)

HCR Wealth Advisors bought a new position in Parker-Hannifin Co. (NYSE:PH) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 621 shares of the industrial products company’s stock, valued at approximately $314,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PH. Norges Bank bought a new stake in shares of Parker-Hannifin in the fourth quarter worth $665,188,000. Kodai Capital Management LP bought a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $122,449,000. 1832 Asset Management L.P. increased its position in shares of Parker-Hannifin by 305.0% during the 1st quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock valued at $171,069,000 after purchasing an additional 231,788 shares during the last quarter. AMF Tjanstepension AB lifted its stake in shares of Parker-Hannifin by 23.0% in the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock worth $383,594,000 after purchasing an additional 141,862 shares during the period. Finally, Groupama Asset Managment purchased a new position in shares of Parker-Hannifin in the fourth quarter worth approximately $63,043,000. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Trading Up 1.6 %

Shares of Parker-Hannifin stock opened at $580.23 on Tuesday. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $601.30. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average price of $556.06 and a 200-day moving average price of $543.57. The firm has a market cap of $74.62 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 2.32 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating the consensus estimate of $6.22 by $0.55. The business had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter last year, the business posted $6.08 EPS. Equities research analysts anticipate that Parker-Hannifin Co. will post 26.65 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, August 28th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Wednesday, August 28th. Parker-Hannifin’s payout ratio is 30.73%.

Insider Buying and Selling

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the transaction, the director now owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Berend Bracht sold 850 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Wells Fargo & Company increased their price target on shares of Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Stifel Nicolaus lowered their target price on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Raymond James upped their price target on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $623.00.

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.