Envestnet Asset Management Inc. Boosts Holdings in Parker-Hannifin Co. (NYSE:PH)

Envestnet Asset Management Inc. grew its position in Parker-Hannifin Co. (NYSE:PH) by 18.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 652,539 shares of the industrial products company’s stock after purchasing an additional 99,959 shares during the quarter. Envestnet Asset Management Inc. owned about 0.51% of Parker-Hannifin worth $330,061,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Parker-Hannifin by 1.0% in the first quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock worth $5,872,694,000 after buying an additional 105,475 shares during the last quarter. Norges Bank purchased a new position in Parker-Hannifin in the 4th quarter worth $665,188,000. Boston Partners lifted its position in Parker-Hannifin by 4.1% during the 1st quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock worth $617,878,000 after acquiring an additional 43,535 shares during the period. AMF Tjanstepension AB grew its stake in Parker-Hannifin by 23.0% during the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares during the last quarter. Finally, Baird Financial Group Inc. increased its holdings in shares of Parker-Hannifin by 3.7% in the fourth quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock valued at $320,173,000 after purchasing an additional 25,060 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Performance

NYSE PH opened at $591.33 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $601.30. The company has a market cap of $76.05 billion, a PE ratio of 27.87, a price-to-earnings-growth ratio of 2.37 and a beta of 1.43. The stock’s 50 day simple moving average is $562.14 and its 200-day simple moving average is $545.02.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.22 by $0.55. The company had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $6.08 EPS. As a group, equities research analysts anticipate that Parker-Hannifin Co. will post 26.67 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Analyst Ratings Changes

PH has been the subject of several research reports. Truist Financial reaffirmed a “buy” rating and issued a $673.00 price objective (up from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Stifel Nicolaus cut their price target 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. Wells Fargo & Company upped their target price on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. Evercore ISI lifted their price target on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Finally, Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average target price of $624.43.

Insider Transactions at Parker-Hannifin

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

About Parker-Hannifin

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.