Rafferty Asset Management LLC Raises Holdings in Parker-Hannifin Co. (NYSE:PH)

Rafferty Asset Management LLC grew its stake in Parker-Hannifin Co. (NYSE:PHFree Report) by 5.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 10,774 shares of the industrial products company’s stock after acquiring an additional 572 shares during the period. Rafferty Asset Management LLC’s holdings in Parker-Hannifin were worth $4,964,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sachetta LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Parker-Hannifin during the fourth quarter worth about $26,000. First United Bank & Trust purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth approximately $29,000. Private Wealth Management Group LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth approximately $33,000. Finally, Cherry Tree Wealth Management LLC raised its holdings in Parker-Hannifin by 44.6% in the fourth quarter. Cherry Tree Wealth Management LLC now owns 81 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 25 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Activity

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

Wall Street Analysts Forecast Growth

PH has been the topic of a number of recent analyst reports. Barclays dropped their price objective on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday. Truist Financial reaffirmed a “buy” rating and set a $611.00 price objective on shares of Parker-Hannifin in a report on Wednesday, May 15th. Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their target price for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Stifel Nicolaus increased their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Finally, Wells Fargo & Company reduced their target price on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a research note on Monday, May 6th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $566.33.

Get Our Latest Stock Analysis on PH

Parker-Hannifin Trading Down 1.5 %

Shares of Parker-Hannifin stock opened at $515.22 on Friday. Parker-Hannifin Co. has a 1 year low of $345.95 and a 1 year high of $570.15. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The business has a 50 day moving average price of $543.73 and a 200 day moving average price of $506.47. The company has a market capitalization of $66.23 billion, a P/E ratio of 24.28, a P/E/G ratio of 2.09 and a beta of 1.46.

Parker-Hannifin (NYSE:PHGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The business had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the previous year, the firm posted $5.93 earnings per share. The company’s quarterly revenue was up .3% compared to the same quarter last year. Sell-side analysts anticipate that Parker-Hannifin Co. will post 24.84 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. 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 1.27%. 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. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

Parker-Hannifin Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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