Grimes & Company Inc. Takes $212,000 Position in Parker-Hannifin Co. (NYSE:PH)

Grimes & Company Inc. bought a new stake in Parker-Hannifin Co. (NYSE:PH) during the 1st quarter, Holdings Channel.com reports. The institutional investor bought 381 shares of the industrial products company’s stock, valued at approximately $212,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sapient Capital LLC acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at $1,392,000. abrdn plc lifted its position in Parker-Hannifin by 57.8% during the 4th quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock worth $25,247,000 after buying an additional 20,073 shares in the last quarter. Quadrature Capital Ltd acquired a new position in Parker-Hannifin during the 4th quarter worth about $4,068,000. Turtle Creek Wealth Advisors LLC acquired a new position in Parker-Hannifin during the 4th quarter worth about $3,305,000. Finally, Independent Advisor Alliance lifted its position in Parker-Hannifin by 8.3% during the 4th quarter. Independent Advisor Alliance now owns 16,234 shares of the industrial products company’s stock worth $7,479,000 after buying an additional 1,243 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PH. Truist Financial reiterated a “buy” rating and set a $611.00 price target on shares of Parker-Hannifin in a research report on Wednesday, May 15th. Raymond James started coverage on shares of Parker-Hannifin in a research report on Friday. They set an “outperform” rating and a $610.00 target price on the stock. Stifel Nicolaus upped their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Barclays cut their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Finally, Wells Fargo & Company cut their target price on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $569.06.

Parker-Hannifin Stock Up 0.3 %

NYSE PH traded up $1.59 during trading hours on Friday, reaching $505.81. 2,809,368 shares of the company’s stock were exchanged, compared to its average volume of 748,323. The company’s 50-day moving average is $531.05 and its two-hundred day moving average is $515.68. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $570.15. 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 company has a market capitalization of $65.02 billion, a price-to-earnings ratio of 23.84, a price-to-earnings-growth ratio of 2.02 and a beta of 1.46.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.07 billion. During the same period in the prior year, the business earned $5.93 EPS. Parker-Hannifin’s revenue for the quarter was up .3% compared to the same quarter last year. On average, analysts forecast that Parker-Hannifin Co. will post 24.85 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

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

Insiders Place Their Bets

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was 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 of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, VP Berend Bracht sold 1,079 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the sale, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Jay Reidy sold 572 shares of the stock in a transaction that occurred 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 sale, the vice president now directly 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.

About Parker-Hannifin

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.