Thurston Springer Miller Herd & Titak Inc. Increases Position in Parker-Hannifin Co. (NYSE:PH)

Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Parker-Hannifin Co. (NYSE:PH) by 25.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,688 shares of the industrial products company’s stock after buying an additional 553 shares during the period. Thurston Springer Miller Herd & Titak Inc.’s holdings in Parker-Hannifin were worth $1,634,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Whipplewood Advisors LLC purchased a new position in shares of Parker-Hannifin in the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in Parker-Hannifin in the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC purchased a new position in Parker-Hannifin in the fourth quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC purchased a new position in Parker-Hannifin in the fourth quarter valued at approximately $32,000. Finally, Kestra Investment Management LLC purchased a new position in Parker-Hannifin in the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on PH. Stifel Nicolaus upped their price objective on Parker-Hannifin from $630.00 to $670.00 and gave the company a “hold” rating in a research note on Monday. Wolfe Research downgraded Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research note on Thursday, April 3rd. KeyCorp upped their price objective on Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. Barclays dropped their price objective on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Finally, Truist Financial dropped their price objective on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $720.94.

Parker-Hannifin Trading Up 0.2%

Parker-Hannifin stock opened at $665.79 on Thursday. The stock has a market cap of $85.07 billion, a P/E ratio of 27.56, a PEG ratio of 2.85 and a beta of 1.36. Parker-Hannifin Co. has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The firm’s fifty day moving average price is $614.58 and its 200-day moving average price is $646.11. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping the consensus estimate of $6.72 by $0.22. The firm had revenue of $4.96 billion for the quarter, compared to analysts’ expectations of $4.99 billion. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The business’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.51 earnings per share. Equities research analysts forecast that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be paid a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date is Friday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s dividend payout ratio is currently 27.72%.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, the vice president now owns 2,083 shares of the company’s stock, valued at $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.39% of the stock is owned by insiders.

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.