Segment Wealth Management LLC Acquires 43 Shares of Parker-Hannifin Corporation (NYSE:PH)

Segment Wealth Management LLC increased its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 0.2% during the 1st quarter, HoldingsChannel reports. The fund owned 28,345 shares of the industrial products company’s stock after buying an additional 43 shares during the period. Parker-Hannifin accounts for approximately 1.2% of Segment Wealth Management LLC’s portfolio, making the stock its 23rd biggest holding. Segment Wealth Management LLC’s holdings in Parker-Hannifin were worth $17,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in Parker-Hannifin in the 4th quarter worth about $1,106,132,000. GAMMA Investing LLC increased its position in shares of Parker-Hannifin by 66,111.8% during the first quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company’s stock valued at $1,054,870,000 after acquiring an additional 1,732,791 shares in the last quarter. Proficio Capital Partners LLC lifted its position in Parker-Hannifin by 116,370.3% in the 4th quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock valued at $725,229,000 after acquiring an additional 1,139,265 shares in the last quarter. Royal Bank of Canada boosted its stake in Parker-Hannifin by 99.8% during the 4th 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 during the last quarter. Finally, Capital World Investors bought a new position in shares of Parker-Hannifin during the fourth quarter valued at $418,174,000. 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. Barclays dropped their price target on shares of Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Argus set a $680.00 target price on shares of Parker-Hannifin in a research report on Tuesday, May 6th. Evercore ISI boosted their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a research note on Monday, May 19th. KeyCorp raised their price target on Parker-Hannifin from $690.00 to $735.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Finally, Mizuho set a $785.00 price objective on Parker-Hannifin in a research report on Friday, May 16th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $719.71.

Parker-Hannifin Trading Up 0.0%

Shares of PH opened at $652.45 on Friday. The company’s fifty day simple moving average is $635.24 and its 200-day simple moving average is $643.27. The company has a market cap of $83.37 billion, a P/E ratio of 25.12, a P/E/G ratio of 3.04 and a beta of 1.34. 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 Corporation has a twelve month low of $488.45 and a twelve month high of $718.44.

Parker-Hannifin (NYSE:PH) last posted 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 17.14% and a return on equity of 26.80%. The company had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period in the prior year, the company posted $6.51 EPS. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were given a dividend of $1.80 per share. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.10%. Parker-Hannifin’s dividend payout ratio is presently 27.72%.

Insider Activity

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the company’s stock in a transaction on Friday, May 2nd. The stock was 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 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.39% of the company’s stock.

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.