Rehmann Capital Advisory Group Invests $325,000 in Parker-Hannifin Co. (NYSE:PH)

Rehmann Capital Advisory Group acquired a new stake in shares of Parker-Hannifin Co. (NYSE:PH) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 584 shares of the industrial products company’s stock, valued at approximately $325,000.

Several other large investors have also recently bought and sold shares of the company. Commerce Bank boosted its stake in Parker-Hannifin by 1.5% during the first quarter. Commerce Bank now owns 145,270 shares of the industrial products company’s stock valued at $80,740,000 after buying an additional 2,122 shares during the period. Pictet North America Advisors SA purchased a new stake in Parker-Hannifin during the first quarter valued at about $1,145,000. Peoples Bank OH purchased a new stake in Parker-Hannifin during the first quarter valued at about $236,000. Proficio Capital Partners LLC raised its position in Parker-Hannifin by 4.6% during the first quarter. Proficio Capital Partners LLC now owns 1,760 shares of the industrial products company’s stock valued at $978,000 after purchasing an additional 78 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its position in Parker-Hannifin by 92.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 819 shares of the industrial products company’s stock valued at $455,000 after purchasing an additional 393 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded up $13.25 during midday trading on Wednesday, hitting $521.93. The company had a trading volume of 371,268 shares, compared to its average volume of 647,482. The company has a market cap of $67.09 billion, a price-to-earnings ratio of 24.54, a PEG ratio of 1.98 and a beta of 1.44. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The company has a fifty day moving average of $525.46 and a two-hundred day moving average of $518.83. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $570.15.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating the consensus estimate of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The business had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same quarter in the prior year, the firm earned $5.93 EPS. The business’s revenue was up .3% on a year-over-year basis. On average, equities research analysts expect that Parker-Hannifin Co. will post 24.85 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were issued a $1.63 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.25%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 572 shares of the 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 transaction, the vice president now owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP Berend Bracht sold 1,079 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now directly owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jay Reidy sold 572 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PH has been the topic of a number of research reports. Truist Financial raised their price target on Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Stifel Nicolaus reiterated a “buy” rating and issued a $629.00 price objective on shares of Parker-Hannifin in a report on Tuesday, July 2nd. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $550.00 to $650.00 in a report on Tuesday, May 28th. Argus lifted their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, Raymond James assumed coverage on Parker-Hannifin in a report on Friday, June 28th. They set an “outperform” rating and a $610.00 price target on the stock. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and a consensus price target of $567.81.

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.