Seneca House Advisors Takes Position in Parker-Hannifin Co. (NYSE:PH)

Seneca House Advisors acquired a new stake in Parker-Hannifin Co. (NYSE:PH) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 427 shares of the industrial products company’s stock, valued at approximately $237,000.

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new stake in Parker-Hannifin during the 4th quarter worth approximately $665,188,000. Alphinity Investment Management Pty Ltd lifted its holdings in Parker-Hannifin by 42.2% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after purchasing an additional 336,370 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in Parker-Hannifin by 3.7% during the 4th quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock worth $320,173,000 after purchasing an additional 25,060 shares during the last quarter. Wells Fargo & Company MN increased its stake in Parker-Hannifin by 11.8% during the 4th quarter. Wells Fargo & Company MN now owns 630,306 shares of the industrial products company’s stock worth $290,382,000 after acquiring an additional 66,331 shares during the period. Finally, AMF Tjanstepension AB increased its stake in Parker-Hannifin by 12.9% during the 1st quarter. AMF Tjanstepension AB now owns 616,400 shares of the industrial products company’s stock worth $342,660,000 after acquiring an additional 70,237 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the sale, the vice president now owns 1,137 shares in the company, valued at approximately $609,989.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Jay Reidy sold 572 shares of the company’s stock in a transaction dated 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 owns 1,137 shares in the company, 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 Price Performance

PH traded up $1.59 on Friday, reaching $505.81. The stock had a trading volume of 2,809,368 shares, compared to its average volume of 748,323. Parker-Hannifin Co. has a fifty-two week low of $362.49 and a fifty-two week high of $570.15. The firm has a 50-day moving average of $531.05 and a 200-day moving average of $516.21. 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 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 issued 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 quarter in the prior year, the firm earned $5.93 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Parker-Hannifin Co. will post 24.85 EPS for the current year.

Parker-Hannifin Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $550.00 to $650.00 in a research note on Tuesday, May 28th. Stifel Nicolaus raised their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. KeyCorp raised their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Barclays lowered their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Finally, Wells Fargo & Company lowered their price objective on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a research note on Monday, May 6th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $569.06.

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.