Assetmark Inc. Purchases 1,505 Shares of Parker-Hannifin Co. (NYSE:PH)

Assetmark Inc. grew its position in shares of Parker-Hannifin Co. (NYSE:PH) by 8.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,753 shares of the industrial products company’s stock after purchasing an additional 1,505 shares during the quarter. Assetmark Inc.’s holdings in Parker-Hannifin were worth $8,640,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Sachetta LLC acquired a new stake in Parker-Hannifin during the 4th quarter valued at approximately $25,000. Wetzel Investment Advisors Inc. bought a new stake in Parker-Hannifin during the fourth quarter valued at $26,000. First United Bank & Trust bought a new position in shares of Parker-Hannifin in the 4th quarter worth about $29,000. Private Wealth Management Group LLC acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at about $33,000. Finally, Cherry Tree Wealth Management LLC boosted its position in shares of Parker-Hannifin by 44.6% during the 4th quarter. Cherry Tree Wealth Management LLC now owns 81 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 25 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

PH has been the subject of a number of research analyst reports. Wells Fargo & Company lowered their target price on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a report on Monday, May 6th. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $300.00 to $500.00 in a research report on Friday, March 1st. Truist Financial restated a “buy” rating and issued a $611.00 price target on shares of Parker-Hannifin in a report on Wednesday, May 15th. Barclays dropped their price objective on shares of Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Finally, Evercore ISI raised their target price on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $560.20.

Parker-Hannifin Stock Down 0.1 %

Shares of NYSE:PH opened at $546.07 on Thursday. The stock has a market cap of $70.19 billion, a price-to-earnings ratio of 25.73, a PEG ratio of 2.19 and a beta of 1.51. The business’s 50 day moving average is $549.07 and its 200 day moving average is $499.07. Parker-Hannifin Co. has a 12-month low of $319.14 and a 12-month high of $570.15. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating the consensus estimate of $6.10 by $0.41. The firm had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the business posted $5.93 EPS. On average, sell-side analysts forecast that Parker-Hannifin Co. will post 24.82 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is 30.73%.

Insider Activity

In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the transaction, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, VP Berend Bracht sold 1,079 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the transaction, the vice president now owns 1,137 shares of the company’s stock, valued at $609,989.13. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

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.