Pegasus Asset Management Inc. Has $9.05 Million Holdings in Parker-Hannifin Corporation (NYSE:PH)

Pegasus Asset Management Inc. increased its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 0.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,880 shares of the industrial products company’s stock after buying an additional 42 shares during the period. Parker-Hannifin accounts for about 3.6% of Pegasus Asset Management Inc.’s investment portfolio, making the stock its 8th biggest holding. Pegasus Asset Management Inc.’s holdings in Parker-Hannifin were worth $9,045,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in Parker-Hannifin by 1.0% in 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 purchasing an additional 111,406 shares in the last quarter. Geode Capital Management LLC increased its stake in 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 valued at $1,699,580,000 after purchasing an additional 99,261 shares in the last quarter. Invesco Ltd. increased its stake in Parker-Hannifin by 8.6% in the fourth quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company’s stock valued at $1,591,810,000 after purchasing an additional 198,292 shares in the last quarter. Royal Bank of Canada increased its stake in 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 valued at $1,448,241,000 after purchasing an additional 1,137,564 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in 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 valued at $1,282,294,000 after purchasing an additional 172,064 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Insider Activity at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction dated 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 owns 2,083 shares of the company’s stock, valued at $1,292,230.71. This trade represents a 6.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.39% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PH has been the subject of several recent analyst reports. KeyCorp upped their target price on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. Argus set a $680.00 target price on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Citigroup lowered their price objective on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Evercore ISI increased their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an “outperform” rating in a research report on Monday, May 19th. Finally, Wall Street Zen downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Wednesday, March 19th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $719.71.

Parker-Hannifin Stock Down 1.4%

Parker-Hannifin stock opened at $652.36 on Wednesday. The company has a market cap of $83.36 billion, a P/E ratio of 25.12, a price-to-earnings-growth ratio of 3.09 and a beta of 1.34. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $718.44. The company has a fifty day simple moving average of $632.27 and a 200 day simple moving average of $643.55. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55.

Parker-Hannifin (NYSE:PH) last released its 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 business 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 17.14% and a return on equity of 26.80%. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $6.51 earnings per share. Research analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were given a $1.80 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.10%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s dividend payout ratio (DPR) is 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.