First Citizens Bank & Trust Co. Has $398,000 Stake in Parker-Hannifin Co. (NYSE:PH)

First Citizens Bank & Trust Co. increased its holdings in Parker-Hannifin Co. (NYSE:PH) by 6.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 655 shares of the industrial products company’s stock after purchasing an additional 40 shares during the period. First Citizens Bank & Trust Co.’s holdings in Parker-Hannifin were worth $398,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Brighton Jones LLC raised its stake in Parker-Hannifin by 5.9% during the 4th quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company’s stock valued at $1,150,000 after purchasing an additional 101 shares during the last quarter. Union Bancaire Privee UBP SA bought a new stake in Parker-Hannifin in the fourth quarter valued at $32,781,000. Kingsview Wealth Management LLC grew its holdings in shares of Parker-Hannifin by 5.4% in the 4th quarter. Kingsview Wealth Management LLC now owns 1,896 shares of the industrial products company’s stock worth $1,206,000 after purchasing an additional 97 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Parker-Hannifin by 15.2% during the fourth quarter. Empowered Funds LLC now owns 2,879 shares of the industrial products company’s stock worth $1,831,000 after buying an additional 380 shares in the last quarter. Finally, Kestra Private Wealth Services LLC raised its position in Parker-Hannifin by 16.8% in the 4th quarter. Kestra Private Wealth Services LLC now owns 7,982 shares of the industrial products company’s stock valued at $5,077,000 after purchasing an additional 1,148 shares during the last quarter. 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 150 shares of the company’s 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 completion of the transaction, the vice president now directly owns 2,083 shares in the company, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.39% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PH shares. Wolfe Research downgraded Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Mizuho set a $785.00 target price on shares of Parker-Hannifin in a research note on Friday, May 16th. Morgan Stanley started coverage on Parker-Hannifin in a report on Thursday, June 5th. They set an “equal weight” rating and a $700.00 price objective on the stock. Argus set a $680.00 price target on Parker-Hannifin in a research note on Tuesday, May 6th. Finally, Barclays cut their price objective on shares of Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $719.71.

Parker-Hannifin Trading Up 0.2%

Shares of PH stock opened at $671.18 on Wednesday. Parker-Hannifin Co. has a 12-month low of $488.45 and a 12-month high of $718.44. The firm has a 50 day moving average price of $619.99 and a two-hundred day moving average price of $644.99. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $85.76 billion, a PE ratio of 27.78, a price-to-earnings-growth ratio of 2.85 and a beta of 1.34.

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

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were paid a $1.80 dividend. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. This represents a $7.20 annualized dividend and a dividend yield of 1.07%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 27.72%.

Parker-Hannifin Company 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.