King Wealth Management Group Boosts Holdings in Parker-Hannifin Co. (NYSE:PH)

King Wealth Management Group boosted its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 14.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,024 shares of the industrial products company’s stock after buying an additional 1,779 shares during the quarter. Parker-Hannifin makes up about 1.3% of King Wealth Management Group’s investment portfolio, making the stock its 20th largest holding. King Wealth Management Group’s holdings in Parker-Hannifin were worth $8,919,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Axxcess Wealth Management LLC bought a new position in Parker-Hannifin in the 3rd quarter worth $441,000. Venturi Wealth Management LLC increased its position in Parker-Hannifin by 59.8% in the third quarter. Venturi Wealth Management LLC now owns 278 shares of the industrial products company’s stock worth $176,000 after buying an additional 104 shares in the last quarter. Harbour Investments Inc. raised its stake in shares of Parker-Hannifin by 100.4% in the third quarter. Harbour Investments Inc. now owns 1,511 shares of the industrial products company’s stock worth $955,000 after buying an additional 757 shares during the period. Prime Capital Investment Advisors LLC grew its stake in shares of Parker-Hannifin by 4.2% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,419 shares of the industrial products company’s stock valued at $897,000 after acquiring an additional 57 shares during the period. Finally, Aigen Investment Management LP grew its stake in shares of Parker-Hannifin by 56.5% during the 3rd quarter. Aigen Investment Management LP now owns 1,066 shares of the industrial products company’s stock valued at $674,000 after acquiring an additional 385 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on PH. Citigroup started coverage on shares of Parker-Hannifin in a report on Friday, February 7th. They set a “buy” rating and a $795.00 price target on the stock. Evercore ISI lifted their target price on shares of Parker-Hannifin from $777.00 to $824.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Truist Financial increased their price target on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Barclays lowered their price objective on Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, February 8th. Two investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $736.65.

Parker-Hannifin Price Performance

Parker-Hannifin stock opened at $591.55 on Friday. Parker-Hannifin Co. has a 52-week low of $492.71 and a 52-week high of $718.44. The company has a market cap of $76.14 billion, a price-to-earnings ratio of 24.48, a PEG ratio of 2.85 and a beta of 1.50. The firm’s fifty day moving average is $662.61 and its 200 day moving average is $651.00. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, beating analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. Sell-side analysts forecast that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 7th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, February 7th. Parker-Hannifin’s dividend payout ratio (DPR) is 26.99%.

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.