Daymark Wealth Partners LLC Acquires 128 Shares of Parker-Hannifin Co. (NYSE:PH)

Daymark Wealth Partners LLC increased its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 0.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,200 shares of the industrial products company’s stock after purchasing an additional 128 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Parker-Hannifin were worth $14,710,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Congress Asset Management Co. increased its stake in Parker-Hannifin by 15.5% during the 4th quarter. Congress Asset Management Co. now owns 190,701 shares of the industrial products company’s stock valued at $121,292,000 after purchasing an additional 25,605 shares in the last quarter. HUB Investment Partners LLC raised its position in shares of Parker-Hannifin by 15.7% in the fourth quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company’s stock worth $4,960,000 after acquiring an additional 1,057 shares during the period. Congress Wealth Management LLC DE grew its holdings in Parker-Hannifin by 67.8% in the fourth quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company’s stock valued at $29,135,000 after purchasing an additional 18,503 shares during the period. Washington Trust Bank increased its holdings in Parker-Hannifin by 3,019.5% in the 4th quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company’s stock worth $9,881,000 after acquiring an additional 15,037 shares in the last quarter. Finally, Ascent Wealth Partners LLC purchased a new position in Parker-Hannifin during the fourth quarter valued at $1,216,000. 82.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, the vice president now directly owns 2,083 shares in the company, valued at $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PH shares. Truist Financial lowered their price target on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. KeyCorp boosted their price objective on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. Citigroup decreased their price target on Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Wolfe Research lowered shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Finally, Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $630.00 to $670.00 and gave the stock a “hold” rating in a research report on Monday, June 2nd. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and a consensus target price of $719.71.

Parker-Hannifin Trading Up 1.5%

NYSE:PH opened at $672.02 on Monday. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The firm has a market cap of $85.87 billion, a P/E ratio of 27.82, a PEG ratio of 2.85 and a beta of 1.34. Parker-Hannifin Co. has a 12-month low of $488.45 and a 12-month high of $718.44. The stock’s 50 day simple moving average is $616.90 and its 200-day simple moving average is $645.07.

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

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a dividend of $1.80 per share. The ex-dividend date of this dividend was Friday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a yield of 1.07%. Parker-Hannifin’s payout ratio is currently 27.72%.

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.