Quantbot Technologies LP Takes $4.64 Million Position in Parker-Hannifin Co. (NYSE:PH)

Quantbot Technologies LP bought a new position in Parker-Hannifin Co. (NYSE:PH) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 8,345 shares of the industrial products company’s stock, valued at approximately $4,638,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Parker-Hannifin in the fourth quarter worth approximately $665,188,000. Alphinity Investment Management Pty Ltd raised its stake 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 valued at $521,861,000 after purchasing an additional 336,370 shares during the period. Kodai Capital Management LP purchased a new stake in shares of Parker-Hannifin in the fourth quarter valued at $122,449,000. 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. Finally, Groupama Asset Managment purchased a new position in shares of Parker-Hannifin during the fourth quarter valued at $63,043,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Truist Financial increased their target price on shares of Parker-Hannifin from $611.00 to $621.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Bank of America increased their price objective on Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their target price for the company from $550.00 to $650.00 in a research note on Tuesday, May 28th. Stifel Nicolaus reaffirmed a “buy” rating and set a $629.00 price target on shares of Parker-Hannifin in a research note on Tuesday, July 2nd. Finally, Raymond James began coverage on Parker-Hannifin in a research note on Friday, June 28th. They issued an “outperform” rating and a $610.00 price target for the company. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $567.81.

Parker-Hannifin Price Performance

Parker-Hannifin stock traded up $9.74 during mid-day trading on Friday, hitting $537.90. 799,670 shares of the company were exchanged, compared to its average volume of 651,538. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $570.15. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The business has a fifty day moving average of $525.02 and a 200 day moving average of $518.93. The company has a market capitalization of $69.14 billion, a PE ratio of 25.47, a price-to-earnings-growth ratio of 2.04 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping the consensus estimate of $6.10 by $0.41. The company had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the business posted $5.93 earnings per share. As a group, sell-side analysts expect that Parker-Hannifin Co. will post 24.85 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.21%. 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 (DPR) is presently 30.73%.

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.