Mitchell Mcleod Pugh & Williams Inc. Takes Position in Parker-Hannifin Co. (NYSE:PH)

Mitchell Mcleod Pugh & Williams Inc. bought a new position in shares of Parker-Hannifin Co. (NYSE:PH) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 481 shares of the industrial products company’s stock, valued at approximately $222,000.

Other large investors have also recently bought and sold shares of the company. Valeo Financial Advisors LLC raised its stake in shares of Parker-Hannifin by 14.3% during the 3rd quarter. Valeo Financial Advisors LLC now owns 1,411 shares of the industrial products company’s stock valued at $550,000 after buying an additional 177 shares during the last quarter. Golden State Equity Partners acquired a new position in Parker-Hannifin in the third quarter valued at approximately $215,000. Brookstone Capital Management boosted its position in Parker-Hannifin by 0.7% in the 3rd quarter. Brookstone Capital Management now owns 4,262 shares of the industrial products company’s stock worth $1,598,000 after purchasing an additional 30 shares in the last quarter. Sumitomo Life Insurance Co. grew its stake in shares of Parker-Hannifin by 42.2% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 2,812 shares of the industrial products company’s stock worth $1,095,000 after purchasing an additional 835 shares during the period. Finally, Commonwealth Equity Services LLC increased its holdings in shares of Parker-Hannifin by 3.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 36,377 shares of the industrial products company’s stock valued at $14,170,000 after purchasing an additional 1,112 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. KeyCorp raised their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Truist Financial assumed coverage on Parker-Hannifin in a research note on Thursday, March 14th. They issued a “buy” rating and a $602.00 price target for the company. Stifel Nicolaus increased their price target on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. The Goldman Sachs Group restated a “buy” rating and issued a $551.00 price objective on shares of Parker-Hannifin in a research report on Tuesday, January 2nd. Finally, TD Cowen raised Parker-Hannifin from an “underperform” rating to a “market perform” rating and upped their target price for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $515.38.

Parker-Hannifin Trading Up 0.1 %

Shares of Parker-Hannifin stock opened at $554.44 on Tuesday. Parker-Hannifin Co. has a 1-year low of $318.32 and a 1-year high of $570.15. The stock has a market cap of $71.20 billion, a P/E ratio of 27.45, 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 current ratio of 0.90 and a quick ratio of 0.49. The stock’s 50 day simple moving average is $543.95 and its 200-day simple moving average is $479.82.

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

Parker-Hannifin Increases Dividend

The firm 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. This represents a $6.52 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is 29.31%.

Insider Buying and Selling

In other news, VP Thomas C. Gentile sold 2,978 shares of the company’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 directly owns 5,465 shares in the company, valued at approximately $2,741,899.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of Parker-Hannifin stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the completion of the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $2,741,899.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark J. Hart sold 5,197 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $502.94, for a total transaction of $2,613,779.18. Following the sale, the executive vice president now directly owns 7,063 shares in the company, valued at approximately $3,552,265.22. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,079 shares of company stock valued at $6,099,566. 1.03% of the stock is currently owned by insiders.

Parker-Hannifin 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.