Franklin Street Advisors Inc. NC Purchases 459 Shares of Parker-Hannifin Co. (NYSE:PH)

Franklin Street Advisors Inc. NC grew its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 2.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,734 shares of the industrial products company’s stock after buying an additional 459 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Parker-Hannifin were worth $10,780,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Parker-Hannifin by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company’s stock valued at $6,903,962,000 after buying an additional 111,406 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Parker-Hannifin by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company’s stock worth $1,699,580,000 after purchasing an additional 99,261 shares during the last quarter. Invesco Ltd. grew its stake in shares of Parker-Hannifin by 8.6% in the fourth quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company’s stock worth $1,591,810,000 after purchasing an additional 198,292 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Parker-Hannifin by 99.8% in the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company’s stock worth $1,448,241,000 after purchasing an additional 1,137,564 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Parker-Hannifin by 9.3% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company’s stock worth $1,282,294,000 after purchasing an additional 172,064 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PH. Morgan Stanley began coverage on Parker-Hannifin in a research report on Thursday, June 5th. They set an “equal weight” rating and a $700.00 price objective on the stock. Wolfe Research cut Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research report on Thursday, April 3rd. KeyCorp lifted their price objective on Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a research report on Friday, May 2nd. Barclays cut their price objective on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Finally, Truist Financial cut their price objective on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $719.71.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $671.18 on Wednesday. Parker-Hannifin Co. has a twelve month low of $488.45 and a twelve month high of $718.44. The firm has a market cap of $85.76 billion, a P/E ratio of 27.78, a PEG ratio of 2.85 and a beta of 1.34. The company has a 50 day moving average of $619.99 and a 200 day moving average 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.

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

Parker-Hannifin Increases Dividend

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

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the business’s stock in a transaction on 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 sale, the vice president now directly owns 2,083 shares in the company, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.39% of the company’s stock.

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.