Jay Reidy Sells 572 Shares of Parker-Hannifin Co. (NYSE:PH) Stock

Parker-Hannifin Co. (NYSE:PH) VP Jay Reidy sold 572 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the sale, the vice president now owns 1,137 shares of the company’s stock, valued at $609,989.13. The transaction was disclosed in a filing with the SEC, which is available through this link.

Parker-Hannifin Stock Up 0.8 %

NYSE:PH opened at $554.67 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. The stock has a market capitalization of $71.30 billion, a P/E ratio of 26.14, a P/E/G ratio of 1.94 and a beta of 1.51. The company’s 50-day simple moving average is $545.73 and its 200-day simple moving average is $486.41. Parker-Hannifin Co. has a fifty-two week low of $319.14 and a fifty-two week high of $570.15.

Parker-Hannifin (NYSE:PH) last issued 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. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the prior year, the business posted $5.93 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, equities analysts anticipate that Parker-Hannifin Co. will post 24.62 earnings per share 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 dividend of $1.63 per share. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.18%. Parker-Hannifin’s payout ratio is presently 30.73%.

Hedge Funds Weigh In On Parker-Hannifin

Several hedge funds and other institutional investors have recently modified their holdings of the stock. OFI Invest Asset Management purchased a new position in shares of Parker-Hannifin in the third quarter worth $25,000. Sachetta LLC acquired a new stake in Parker-Hannifin during the 4th quarter worth about $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Parker-Hannifin during the 4th quarter valued at about $26,000. Baystate Wealth Management LLC increased its holdings in shares of Parker-Hannifin by 233.3% in the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 49 shares during the period. Finally, First United Bank & Trust purchased a new position in shares of Parker-Hannifin in the fourth quarter worth about $29,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on PH. TD Cowen raised Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. Barclays cut their price objective on Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Evercore ISI increased their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. KeyCorp increased their price target 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. Finally, Truist Financial boosted their price objective on Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $539.56.

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.