Parker-Hannifin Co. (NYSE:PH) Shares Bought by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc lifted its position in shares of Parker-Hannifin Co. (NYSE:PH) by 1.8% during the fourth quarter, HoldingsChannel reports. The fund owned 3,297 shares of the industrial products company’s stock after acquiring an additional 57 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Parker-Hannifin were worth $2,092,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Peregrine Asset Advisers Inc. increased its stake in shares of Parker-Hannifin by 1,413.9% during the fourth quarter. Peregrine Asset Advisers Inc. now owns 8,508 shares of the industrial products company’s stock worth $5,411,000 after acquiring an additional 7,946 shares during the period. Bradley Foster & Sargent Inc. CT grew its position in Parker-Hannifin by 2.4% during the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 17,805 shares of the industrial products company’s stock worth $11,325,000 after buying an additional 423 shares during the period. Paradigm Asset Management Co. LLC grew its position in Parker-Hannifin by 1,533.3% during the fourth quarter. Paradigm Asset Management Co. LLC now owns 4,900 shares of the industrial products company’s stock worth $3,117,000 after buying an additional 4,600 shares during the period. Centricity Wealth Management LLC acquired a new position in Parker-Hannifin during the fourth quarter worth about $74,000. Finally, Nicholson Wealth Management Group LLC grew its position in Parker-Hannifin by 47.7% during the fourth quarter. Nicholson Wealth Management Group LLC now owns 2,139 shares of the industrial products company’s stock worth $1,360,000 after buying an additional 691 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Stock Performance

Shares of PH opened at $667.06 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The company has a market capitalization of $85.86 billion, a price-to-earnings ratio of 27.61, a PEG ratio of 2.85 and a beta of 1.45. The company’s 50 day simple moving average is $665.56 and its 200 day simple moving average is $645.57. Parker-Hannifin Co. has a 1 year low of $492.71 and a 1 year high of $718.44.

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

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 7th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 0.98%. The ex-dividend date is Friday, February 7th. Parker-Hannifin’s payout ratio is 26.99%.

Wall Street Analyst Weigh In

PH has been the topic of several recent analyst reports. Citigroup initiated coverage on shares of Parker-Hannifin in a research report on Friday, February 7th. They set a “buy” rating and a $795.00 target price on the stock. Wells Fargo & Company upped their target price on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Argus upped their target price on shares of Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Truist Financial upped their target price on shares of Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, TD Cowen upped their target price on shares of Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Two investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $739.06.

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.