Tema Etfs LLC Takes $5.49 Million Position in Parker-Hannifin Co. (NYSE:PH)

Tema Etfs LLC purchased a new stake in Parker-Hannifin Co. (NYSE:PH) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 8,624 shares of the industrial products company’s stock, valued at approximately $5,485,000. Parker-Hannifin accounts for about 2.3% of Tema Etfs LLC’s investment portfolio, making the stock its 11th largest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Whipplewood Advisors LLC purchased a new stake in Parker-Hannifin in the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd purchased a new position in Parker-Hannifin during the 4th quarter worth $25,000. Millstone Evans Group LLC purchased a new position in Parker-Hannifin during the 4th quarter worth $30,000. Kestra Investment Management LLC purchased a new position in Parker-Hannifin during the 4th quarter worth $40,000. Finally, Meeder Asset Management Inc. grew its stake in shares of Parker-Hannifin by 214.3% during the 4th quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 45 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

PH has been the topic of a number of recent analyst reports. Truist Financial lowered their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Wolfe Research cut shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research note on Thursday, April 3rd. UBS Group lowered their price objective on shares of Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. Argus set a $680.00 price objective on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Finally, Wells Fargo & Company increased their price objective on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Parker-Hannifin has an average rating of “Moderate Buy” and a consensus price target of $713.88.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the transaction, the vice president now owns 2,083 shares in the company, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.39% of the stock is currently owned by corporate insiders.

Parker-Hannifin Trading Up 1.2%

NYSE PH opened at $680.95 on Friday. Parker-Hannifin Co. has a one year low of $488.45 and a one year high of $718.44. The company’s 50 day moving average price is $603.37 and its 200 day moving average price is $647.24. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The firm has a market capitalization of $87.01 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 2.85 and a beta of 1.36.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating the consensus estimate of $6.72 by $0.22. The firm had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. Parker-Hannifin’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $6.51 earnings per share. On average, sell-side analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be issued a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend is Friday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s payout ratio is currently 27.72%.

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.