Quest Partners LLC Purchases Shares of 872 Parker-Hannifin Co. (NYSE:PH)

Quest Partners LLC purchased a new stake in Parker-Hannifin Co. (NYSE:PH) in the 4th quarter, Holdings Channel reports. The firm purchased 872 shares of the industrial products company’s stock, valued at approximately $402,000.

Several other hedge funds and other institutional investors have also modified their holdings of PH. Norges Bank bought a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $665,188,000. Alphinity Investment Management Pty Ltd acquired a new stake in shares of Parker-Hannifin in the third quarter valued at $310,208,000. FMR LLC lifted its holdings in shares of Parker-Hannifin by 9.6% during the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock valued at $1,437,096,000 after purchasing an additional 324,063 shares during the last quarter. International Assets Investment Management LLC raised its position in Parker-Hannifin by 65,634.7% during the fourth quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock valued at $101,149,000 after buying an additional 219,220 shares during the period. Finally, Envestnet Asset Management Inc. increased its position in Parker-Hannifin by 52.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 506,406 shares of the industrial products company’s stock worth $197,255,000 after purchasing an additional 173,323 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now 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 accessible through this link. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction on 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 is available through the SEC website. Also, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares in the company, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PH. Wells Fargo & Company reduced their price objective on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a research report on Monday, May 6th. Evercore ISI lifted their target price on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Truist Financial reaffirmed a “buy” rating and issued a $611.00 target price on shares of Parker-Hannifin in a research report on Wednesday, May 15th. Stifel Nicolaus boosted their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Finally, KeyCorp boosted their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $560.20.

Parker-Hannifin Stock Up 0.6 %

Shares of Parker-Hannifin stock traded up $3.26 during trading on Friday, reaching $529.83. The company had a trading volume of 644,009 shares, compared to its average volume of 717,101. The company has a market cap of $68.10 billion, a price-to-earnings ratio of 24.97, a price-to-earnings-growth ratio of 2.11 and a beta of 1.51. Parker-Hannifin Co. has a fifty-two week low of $319.14 and a fifty-two week high of $570.15. The firm’s fifty day moving average is $548.76 and its 200-day moving average is $500.12. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. The company had revenue of $5.07 billion during the quarter, compared to the consensus estimate 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 was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.93 EPS. On average, analysts anticipate that Parker-Hannifin Co. will post 24.84 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently announced 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. The ex-dividend date is Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.23%. Parker-Hannifin’s payout ratio is currently 30.73%.

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.