Quotient Wealth Partners LLC boosted its stake in Parker-Hannifin Corporation (NYSE:PH – Free Report) by 15.3% in the second quarter, Holdings Channel reports. The institutional investor owned 685 shares of the industrial products company’s stock after acquiring an additional 91 shares during the quarter. Quotient Wealth Partners LLC’s holdings in Parker-Hannifin were worth $478,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of PH. Vanguard Group Inc. boosted its position in Parker-Hannifin by 1.6% during the first quarter. Vanguard Group Inc. now owns 11,023,764 shares of the industrial products company’s stock valued at $6,700,795,000 after purchasing an additional 168,990 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Parker-Hannifin by 52.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,443,104 shares of the industrial products company’s stock worth $1,485,042,000 after purchasing an additional 842,262 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Parker-Hannifin by 11.6% during the 1st quarter. Wellington Management Group LLP now owns 2,009,250 shares of the industrial products company’s stock valued at $1,221,323,000 after buying an additional 208,573 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Parker-Hannifin by 0.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,594,347 shares of the industrial products company’s stock valued at $969,124,000 after buying an additional 11,815 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Parker-Hannifin in the first quarter worth approximately $933,089,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.
Parker-Hannifin Stock Performance
NYSE:PH opened at $734.26 on Friday. The firm’s 50-day moving average is $750.51 and its 200-day moving average is $689.55. The company has a market cap of $92.92 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 3.03 and a beta of 1.35. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.71 and a current ratio of 1.19. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $779.77.
Parker-Hannifin Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, September 2nd. Parker-Hannifin’s dividend payout ratio (DPR) is presently 26.55%.
Wall Street Analysts Forecast Growth
Several research firms have commented on PH. Susquehanna initiated coverage on shares of Parker-Hannifin in a research report on Friday, August 15th. They issued a “positive” rating and a $860.00 target price for the company. Morgan Stanley increased their target price on shares of Parker-Hannifin from $700.00 to $725.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 9th. Mizuho raised their target price on Parker-Hannifin from $800.00 to $825.00 and gave the company an “outperform” rating in a report on Friday. Evercore ISI reaffirmed an “outperform” rating on shares of Parker-Hannifin in a report on Tuesday, August 19th. Finally, Wall Street Zen upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, September 20th. Fourteen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $789.83.
Insider Buying and Selling at Parker-Hannifin
In related news, COO Andrew D. Ross sold 4,361 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $732.66, for a total value of $3,195,130.26. Following the sale, the chief operating officer owned 13,120 shares of the company’s stock, valued at $9,612,499.20. The trade was a 24.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Robert W. Malone sold 2,257 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $730.66, for a total value of $1,649,099.62. Following the completion of the sale, the vice president owned 5,866 shares in the company, valued at $4,286,051.56. This trade represents a 27.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,039 shares of company stock worth $10,356,566 in the last 90 days. 0.32% of the stock is currently owned by insiders.
About Parker-Hannifin
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.
Further Reading
- Five stocks we like better than Parker-Hannifin
- What Does a Gap Up Mean in Stocks? How to Play the Gap
- Johnson & Johnson’s M&A Strategy Is the Real Story for Investors
- Most active stocks: Dollar volume vs share volume
- Tesla: Some Analysts Are Calling for A 30% Drop—Time to Panic?
- How to Invest in the FAANG Stocks
- Hedge Funds Flip on the Dollar—A Buy Signal for These 3 Stocks?
Want to see what other hedge funds are holding PH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parker-Hannifin Corporation (NYSE:PH – Free Report).
Receive News & Ratings for Parker-Hannifin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parker-Hannifin and related companies with MarketBeat.com's FREE daily email newsletter.