1776 Wealth LLC Buys New Stake in Parker-Hannifin Corporation $PH

1776 Wealth LLC purchased a new position in shares of Parker-Hannifin Corporation (NYSE:PH) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 704 shares of the industrial products company’s stock, valued at approximately $534,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PH. Brighton Jones LLC boosted its holdings in shares of Parker-Hannifin by 5.9% in the fourth quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company’s stock valued at $1,150,000 after acquiring an additional 101 shares in the last quarter. Bison Wealth LLC increased its position in Parker-Hannifin by 4.5% during the 4th quarter. Bison Wealth LLC now owns 749 shares of the industrial products company’s stock worth $476,000 after purchasing an additional 32 shares during the period. Empowered Funds LLC raised its stake in shares of Parker-Hannifin by 0.5% during the 1st quarter. Empowered Funds LLC now owns 2,894 shares of the industrial products company’s stock worth $1,759,000 after buying an additional 15 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Parker-Hannifin by 26.2% in the 1st quarter. Acadian Asset Management LLC now owns 799 shares of the industrial products company’s stock valued at $484,000 after buying an additional 166 shares during the period. Finally, Sivia Capital Partners LLC boosted its stake in shares of Parker-Hannifin by 3.6% in the second quarter. Sivia Capital Partners LLC now owns 430 shares of the industrial products company’s stock valued at $300,000 after buying an additional 15 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Parker-Hannifin

In related news, COO Andrew D. Ross sold 2,488 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $894.81, for a total transaction of $2,226,287.28. Following the sale, the chief operating officer owned 13,120 shares of the company’s stock, valued at $11,739,907.20. The trade was a 15.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Dinu J. Parel sold 1,316 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $950.05, for a total value of $1,250,265.80. Following the transaction, the vice president directly owned 6,534 shares in the company, valued at $6,207,626.70. The trade was a 16.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 5,825 shares of company stock valued at $5,391,341. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have issued reports on PH. Wall Street Zen upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Wednesday, February 4th. Mizuho increased their price target on shares of Parker-Hannifin from $800.00 to $825.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Barclays boosted their price objective on shares of Parker-Hannifin from $990.00 to $1,020.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Truist Financial set a $1,139.00 target price on shares of Parker-Hannifin in a report on Friday, January 30th. Finally, Susquehanna restated a “positive” rating and issued a $1,000.00 price target on shares of Parker-Hannifin in a report on Wednesday, November 12th. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus price target of $990.47.

Parker-Hannifin Stock Up 0.5%

Shares of NYSE PH opened at $996.34 on Thursday. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $1,012.49. The company has a market cap of $125.76 billion, a P/E ratio of 36.34, a P/E/G ratio of 3.20 and a beta of 1.25. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. The business has a 50-day simple moving average of $916.02 and a two-hundred day simple moving average of $820.99.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, topping analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The business had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the prior year, the firm posted $6.53 EPS. Parker-Hannifin’s revenue was up 9.1% on a year-over-year basis. Research analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 6th will be paid a dividend of $1.80 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $7.20 annualized dividend and a dividend yield of 0.7%. Parker-Hannifin’s payout ratio is 26.26%.

Parker-Hannifin Profile

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.