Parker-Hannifin Co. (NYSE:PH) Stake Raised by AMF Tjanstepension AB

AMF Tjanstepension AB boosted its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 12.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 616,400 shares of the industrial products company’s stock after purchasing an additional 70,237 shares during the quarter. Parker-Hannifin comprises 2.6% of AMF Tjanstepension AB’s portfolio, making the stock its 9th biggest position. AMF Tjanstepension AB’s holdings in Parker-Hannifin were worth $342,660,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Sachetta LLC acquired a new stake in Parker-Hannifin during the fourth quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $26,000. First United Bank & Trust purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth about $29,000. Harbor Investment Advisory LLC raised its position in shares of Parker-Hannifin by 60.6% during the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 20 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new position in Parker-Hannifin in the 4th quarter valued at about $30,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PH has been the subject of a number of research analyst reports. Truist Financial reissued a “buy” rating and set a $611.00 target price on shares of Parker-Hannifin in a report on Wednesday, May 15th. Bank of America raised their price objective on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Barclays dropped their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and raised their price target for the stock from $550.00 to $650.00 in a research note on Tuesday, May 28th. Finally, TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $569.06.

Insider Activity

In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were 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 in the company, valued at $609,989.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jay Reidy sold 572 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the sale, 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. Insiders own 1.03% of the company’s stock.

Parker-Hannifin Trading Up 0.4 %

PH traded up $2.15 on Friday, hitting $506.37. The company had a trading volume of 2,809,368 shares, compared to its average volume of 657,251. The company’s fifty day moving average price is $531.05 and its 200 day moving average price is $515.17. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $570.15. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The firm has a market cap of $65.09 billion, a P/E ratio of 23.86, a PEG ratio of 2.01 and a beta of 1.46.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. The business had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The business’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm earned $5.93 EPS. As a group, equities analysts expect that Parker-Hannifin Co. will post 24.84 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were given a dividend of $1.63 per share. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a dividend yield of 1.29%. The ex-dividend date of this dividend was Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 30.73%.

Parker-Hannifin 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.