CX Institutional Raises Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

CX Institutional raised its position in shares of Parker-Hannifin Co. (NYSE:PH) by 19.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,830 shares of the industrial products company’s stock after buying an additional 464 shares during the quarter. CX Institutional’s holdings in Parker-Hannifin were worth $1,720,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Whipplewood Advisors LLC bought a new position in shares of Parker-Hannifin in the 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd purchased a new stake in Parker-Hannifin in the fourth quarter worth about $25,000. Millstone Evans Group LLC bought a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC bought a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $32,000. Finally, Kestra Investment Management LLC purchased a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Trading Up 0.1%

NYSE:PH opened at $671.65 on Thursday. The company has a market cap of $85.82 billion, a PE ratio of 27.80, a price-to-earnings-growth ratio of 2.85 and a beta of 1.34. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The company has a 50 day simple moving average of $623.09 and a two-hundred day simple moving average of $645.18. Parker-Hannifin Co. has a 12 month low of $488.45 and a 12 month high of $718.44.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. The company had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. Parker-Hannifin’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.51 earnings per share. Research analysts forecast that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a $1.80 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.07%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 27.72%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PH. KeyCorp upped their price target on Parker-Hannifin from $690.00 to $735.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Evercore ISI boosted their target price on Parker-Hannifin from $824.00 to $827.00 and gave the stock an “outperform” rating in a report on Monday, May 19th. Mizuho set a $785.00 price target on Parker-Hannifin in a report on Friday, May 16th. Morgan Stanley initiated coverage on Parker-Hannifin in a research report on Thursday, June 5th. They issued an “equal weight” rating and a $700.00 price target for the company. Finally, Stifel Nicolaus increased their price objective on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a “hold” rating in a research report on Monday, June 2nd. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $719.71.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, the vice president now directly owns 2,083 shares of the company’s stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.39% of the stock is currently owned by company insiders.

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.