QRG Capital Management Inc. Increases Stock Position in Parker-Hannifin Co. (NYSE:PH)

QRG Capital Management Inc. raised its position in Parker-Hannifin Co. (NYSE:PHFree Report) by 16.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 7,375 shares of the industrial products company’s stock after purchasing an additional 1,029 shares during the quarter. QRG Capital Management Inc.’s holdings in Parker-Hannifin were worth $3,398,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Jump Financial LLC lifted its stake in Parker-Hannifin by 476.0% in the fourth quarter. Jump Financial LLC now owns 7,966 shares of the industrial products company’s stock worth $3,670,000 after acquiring an additional 6,583 shares during the period. Qsemble Capital Management LP bought a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $1,771,000. JFS Wealth Advisors LLC raised its stake in Parker-Hannifin by 29.7% in the fourth quarter. JFS Wealth Advisors LLC now owns 166 shares of the industrial products company’s stock worth $76,000 after buying an additional 38 shares in the last quarter. Johnson Investment Counsel Inc. raised its position in shares of Parker-Hannifin by 1.4% in the 4th quarter. Johnson Investment Counsel Inc. now owns 2,270 shares of the industrial products company’s stock worth $1,046,000 after acquiring an additional 31 shares in the last quarter. Finally, Astoria Portfolio Advisors LLC. grew its stake in Parker-Hannifin by 59.7% in the fourth quarter. Astoria Portfolio Advisors LLC. now owns 982 shares of the industrial products company’s stock worth $502,000 after purchasing an additional 367 shares during the period. 82.44% of the stock is owned by institutional investors.

Insider Transactions at Parker-Hannifin

In related news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares in the company, valued at $2,305,170. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, VP Berend Bracht sold 1,079 shares of the business’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 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 is accessible through this link. Also, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the transaction, the vice president now owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Parker-Hannifin Stock Down 1.7 %

PH stock opened at $551.38 on Tuesday. The business’s 50-day moving average price is $547.17 and its 200-day moving average price is $490.41. The stock has a market cap of $70.87 billion, a P/E ratio of 25.98, a PEG ratio of 1.93 and a beta of 1.51. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. Parker-Hannifin Co. has a twelve month low of $319.14 and a twelve month high of $570.15.

Parker-Hannifin (NYSE:PHGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. The business had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $5.93 earnings per share. On average, equities research analysts forecast that Parker-Hannifin Co. will post 24.79 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.18%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. Parker-Hannifin’s payout ratio is presently 30.73%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Argus upped their target price on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Evercore ISI increased their target price on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Stifel Nicolaus increased their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Barclays dropped their price target on shares of Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Finally, Truist Financial boosted their target price on shares of Parker-Hannifin from $602.00 to $611.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $548.53.

Get Our Latest Analysis on PH

About Parker-Hannifin

(Free Report)

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.

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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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