Allstate Corp Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Allstate Corp acquired a new position in shares of Parker-Hannifin Co. (NYSE:PH) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 381 shares of the industrial products company’s stock, valued at approximately $212,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Parker-Hannifin by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock worth $5,872,694,000 after purchasing an additional 105,475 shares during the period. Norges Bank bought a new stake in Parker-Hannifin in the fourth quarter valued at about $665,188,000. Alphinity Investment Management Pty Ltd increased its stake in Parker-Hannifin by 42.2% in the fourth 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 acquiring an additional 336,370 shares during the period. Baird Financial Group Inc. increased its stake in Parker-Hannifin by 3.7% in the fourth quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock valued at $320,173,000 after acquiring an additional 25,060 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Parker-Hannifin by 11.8% in the fourth quarter. Wells Fargo & Company MN now owns 630,306 shares of the industrial products company’s stock valued at $290,382,000 after acquiring an additional 66,331 shares during the period. Institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Raymond James assumed coverage on shares of Parker-Hannifin in a research note on Friday, June 28th. They issued an “outperform” rating and a $610.00 target price on the stock. Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their target price for the company from $550.00 to $650.00 in a research note on Tuesday, May 28th. KeyCorp upped their target price on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Truist Financial boosted their price target on shares of Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Finally, Bank of America boosted their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $576.27.

Insider Buying and Selling

In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the transaction, the vice president now owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Parker-Hannifin 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 transaction of $592,209.15. Following the completion of the transaction, the vice president now 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 through the SEC website. Also, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction 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 $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is owned by insiders.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded up $7.48 during midday trading on Monday, hitting $552.13. The stock had a trading volume of 517,270 shares, compared to its average volume of 656,842. The company’s 50-day moving average price is $524.78 and its 200-day moving average price is $523.61. The company has a market capitalization of $70.97 billion, a P/E ratio of 25.90, a price-to-earnings-growth ratio of 2.08 and a beta of 1.44. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. Parker-Hannifin Co. has a fifty-two week low of $362.49 and a fifty-two week 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $5.07 billion. During the same period in the prior year, the company earned $5.93 EPS. The firm’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities research analysts predict that Parker-Hannifin Co. will post 24.85 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were paid a dividend of $1.63 per share. The ex-dividend date was Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.18%. Parker-Hannifin’s dividend payout ratio 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.