Golden State Equity Partners Boosts Holdings in Parker-Hannifin Co. (NYSE:PH)

Golden State Equity Partners lifted its stake in Parker-Hannifin Co. (NYSE:PH) by 9.8% in the 4th quarter, HoldingsChannel reports. The firm owned 605 shares of the industrial products company’s stock after buying an additional 54 shares during the quarter. Golden State Equity Partners’ holdings in Parker-Hannifin were worth $279,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FMR LLC lifted its position in shares of Parker-Hannifin by 9.6% in the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock worth $1,437,096,000 after purchasing an additional 324,063 shares during the period. Invesco Ltd. lifted its position in shares of Parker-Hannifin by 1.8% in the 3rd quarter. Invesco Ltd. now owns 2,911,452 shares of the industrial products company’s stock worth $1,134,069,000 after purchasing an additional 52,739 shares during the period. Northern Trust Corp lifted its position in shares of Parker-Hannifin by 2.9% in the 3rd quarter. Northern Trust Corp now owns 1,310,125 shares of the industrial products company’s stock worth $510,320,000 after purchasing an additional 36,744 shares during the period. Alphinity Investment Management Pty Ltd lifted its position in shares of Parker-Hannifin by 42.2% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after purchasing an additional 336,370 shares during the period. Finally, Kestra Advisory Services LLC lifted its position in shares of Parker-Hannifin by 7.4% in the 3rd quarter. Kestra Advisory Services LLC now owns 626,760 shares of the industrial products company’s stock worth $244,136,000 after purchasing an additional 43,059 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Up 0.8 %

NYSE:PH opened at $553.64 on Friday. The firm has a market cap of $71.09 billion, a P/E ratio of 27.41, a P/E/G ratio of 2.03 and a beta of 1.52. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.49 and a current ratio of 0.90. Parker-Hannifin Co. has a fifty-two week low of $312.36 and a fifty-two week high of $570.15. The firm has a 50-day simple moving average of $543.27 and a two-hundred day simple moving average of $478.28.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.26 by $0.89. The business had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.82 billion. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. Parker-Hannifin’s revenue was up 3.1% compared to the same quarter last year. During the same period last year, the business earned $4.76 EPS. Analysts predict that Parker-Hannifin Co. will post 24.3 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This is a positive change 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 1.18%. Parker-Hannifin’s payout ratio is currently 29.31%.

Analyst Upgrades and Downgrades

PH has been the subject of several research reports. Barclays increased their price target on shares of Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. The Goldman Sachs Group reiterated a “buy” rating and issued a $551.00 price target on shares of Parker-Hannifin in a research note on Tuesday, January 2nd. Stifel Nicolaus increased their price target on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and increased their price target for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. Finally, Truist Financial initiated coverage on shares of Parker-Hannifin in a research note on Thursday, March 14th. They issued a “buy” rating and a $602.00 price target for the company. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $515.38.

Insider Transactions at Parker-Hannifin

In other news, COO Andrew D. Ross sold 3,904 shares of Parker-Hannifin stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at $6,693,299.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at $2,741,899.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Andrew D. Ross sold 3,904 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $6,693,299.20. The disclosure for this sale can be found here. Insiders sold 12,079 shares of company stock worth $6,099,566 over the last three months. 1.03% of the stock is currently owned by company 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.