Parker-Hannifin Co. (NYSE:PH) VP Jay Reidy Sells 572 Shares

Parker-Hannifin Co. (NYSE:PH) VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the transaction, the vice president now owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Parker-Hannifin Stock Up 0.8 %

Shares of NYSE PH opened at $554.67 on Thursday. The firm’s 50 day moving average price is $545.73 and its 200 day moving average price is $486.41. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. The firm has a market cap of $71.30 billion, a P/E ratio of 26.14, a price-to-earnings-growth ratio of 1.94 and a beta of 1.51. Parker-Hannifin Co. has a 1 year low of $319.14 and a 1 year high of $570.15.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter last year, the firm earned $5.93 earnings per share. The business’s revenue was up .3% on a year-over-year basis. As a group, sell-side analysts anticipate that Parker-Hannifin Co. will post 24.62 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be given a $1.63 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a dividend yield of 1.18%. Parker-Hannifin’s dividend payout ratio (DPR) is currently 30.73%.

Hedge Funds Weigh In On Parker-Hannifin

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Parker-Hannifin in the fourth quarter worth $665,188,000. Alphinity Investment Management Pty Ltd purchased a new position in Parker-Hannifin in the third quarter valued at about $310,208,000. FMR LLC raised its position in Parker-Hannifin by 9.6% in the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock valued at $1,437,096,000 after purchasing an additional 324,063 shares during the period. Kodai Capital Management LP acquired a new position in shares of Parker-Hannifin during the fourth quarter worth about $122,449,000. Finally, International Assets Investment Management LLC boosted its position in shares of Parker-Hannifin by 65,634.7% in the fourth quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after buying an additional 219,220 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Mizuho increased their price target on shares of Parker-Hannifin from $490.00 to $550.00 and gave the stock a “neutral” rating in a report on Friday, May 3rd. Evercore ISI increased their target price on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Barclays decreased their price target on Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Stifel Nicolaus increased their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Finally, Argus boosted 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. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $539.56.

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.