Vaughan Nelson Investment Management L.P. lifted its stake in shares of Parker-Hannifin Corporation (NYSE:PH – Free Report) by 2.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 43,187 shares of the industrial products company’s stock after purchasing an additional 1,005 shares during the period. Vaughan Nelson Investment Management L.P.’s holdings in Parker-Hannifin were worth $38,663,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the stock. Balboa Wealth Partners boosted its position in Parker-Hannifin by 5.2% in the 1st quarter. Balboa Wealth Partners now owns 1,413 shares of the industrial products company’s stock valued at $1,265,000 after buying an additional 70 shares during the last quarter. Lincoln Capital Corp raised its position in shares of Parker-Hannifin by 25.5% during the first quarter. Lincoln Capital Corp now owns 729 shares of the industrial products company’s stock worth $653,000 after acquiring an additional 148 shares during the last quarter. Quotient Wealth Partners LLC raised its position in shares of Parker-Hannifin by 6.0% during the first quarter. Quotient Wealth Partners LLC now owns 719 shares of the industrial products company’s stock worth $644,000 after acquiring an additional 41 shares during the last quarter. Westhampton Capital LLC lifted its stake in shares of Parker-Hannifin by 0.5% during the first quarter. Westhampton Capital LLC now owns 7,724 shares of the industrial products company’s stock valued at $6,915,000 after acquiring an additional 35 shares during the period. Finally, Diversified Trust Co lifted its stake in shares of Parker-Hannifin by 41.9% during the first quarter. Diversified Trust Co now owns 5,466 shares of the industrial products company’s stock valued at $4,893,000 after acquiring an additional 1,613 shares during the period. 82.44% of the stock is owned by institutional investors.
Parker-Hannifin Stock Performance
PH stock opened at $954.25 on Monday. Parker-Hannifin Corporation has a twelve month low of $646.51 and a twelve month high of $1,034.96. The company has a quick ratio of 0.66, a current ratio of 1.13 and a debt-to-equity ratio of 0.46. The company has a market cap of $120.32 billion, a P/E ratio of 35.20, a price-to-earnings-growth ratio of 2.77 and a beta of 1.14. The business’s fifty day moving average is $909.58 and its 200-day moving average is $921.81.
Parker-Hannifin Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Friday, May 8th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 0.8%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.80. The ex-dividend date was Friday, May 8th. Parker-Hannifin’s dividend payout ratio (DPR) is 29.51%.
Wall Street Analysts Forecast Growth
PH has been the topic of several recent research reports. Sanford C. Bernstein assumed coverage on Parker-Hannifin in a report on Tuesday, June 9th. They issued an “outperform” rating and a $1,026.00 price target on the stock. Truist Financial set a $1,147.00 price objective on Parker-Hannifin in a report on Friday, May 1st. Mizuho set a $1,050.00 target price on shares of Parker-Hannifin in a research report on Friday, May 1st. JPMorgan Chase & Co. reduced their target price on shares of Parker-Hannifin from $1,100.00 to $1,060.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Finally, Wall Street Zen cut shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,021.05.
Parker-Hannifin Company Profile
Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.
Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.
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