Asset Management One Co. Ltd. Grows Stock Holdings in Parker-Hannifin Corporation (NYSE:PH)

Asset Management One Co. Ltd. raised its position in Parker-Hannifin Corporation (NYSE:PH) by 6.7% during the first quarter, Holdings Channel.com reports. The fund owned 54,325 shares of the industrial products company’s stock after purchasing an additional 3,419 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Parker-Hannifin were worth $33,021,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. HUB Investment Partners LLC increased 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 valued at $4,960,000 after acquiring an additional 1,057 shares during the period. Congress Wealth Management LLC DE increased its position in shares of Parker-Hannifin by 67.8% during 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 buying an additional 18,503 shares during the period. Washington Trust Bank increased its position in shares of Parker-Hannifin by 3,019.5% during the fourth quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company’s stock valued at $9,881,000 after buying an additional 15,037 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Parker-Hannifin by 7.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,294 shares of the industrial products company’s stock valued at $42,801,000 after buying an additional 4,668 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Parker-Hannifin by 27.2% during the first quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company’s stock valued at $18,850,000 after buying an additional 6,630 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PH. Wolfe Research cut shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research report on Thursday, April 3rd. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research report on Friday, May 16th. Wall Street Zen cut shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Wednesday, March 19th. Evercore ISI upped their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an “outperform” rating in a report on Monday, May 19th. Finally, Truist Financial cut their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $719.71.

Insider Activity

In related news, VP Jay Reidy sold 150 shares of the firm’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 transaction, the vice president now directly owns 2,083 shares of the company’s stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.39% of the company’s stock.

Parker-Hannifin Stock Up 1.7%

Shares of Parker-Hannifin stock opened at $675.64 on Wednesday. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $718.44. The company has a market cap of $86.33 billion, a price-to-earnings ratio of 26.02, a price-to-earnings-growth ratio of 3.10 and a beta of 1.34. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The company’s 50 day moving average is $641.02 and its 200 day moving average is $642.21.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating 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 business had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the prior year, the company earned $6.51 earnings per share. The firm’s revenue was down 2.2% on a year-over-year basis. Research analysts anticipate that Parker-Hannifin Corporation 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. Stockholders of record on Friday, May 9th were given a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 1.07%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 27.72%.

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.