Wright Investors Service Inc. Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Wright Investors Service Inc. acquired a new position in Parker-Hannifin Co. (NYSE:PH) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 995 shares of the industrial products company’s stock, valued at approximately $458,000.

A number of other hedge funds have also recently added to or reduced their stakes in PH. Vanguard Group Inc. boosted its holdings in shares of Parker-Hannifin by 2.0% during the first quarter. Vanguard Group Inc. now owns 9,849,497 shares of the industrial products company’s stock valued at $2,794,892,000 after acquiring an additional 190,889 shares during the period. FMR LLC boosted its holdings in shares of Parker-Hannifin by 9.6% during the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock valued at $1,437,096,000 after acquiring an additional 324,063 shares during the period. Invesco Ltd. boosted its holdings in shares of Parker-Hannifin by 1.8% during the third quarter. Invesco Ltd. now owns 2,911,452 shares of the industrial products company’s stock valued at $1,134,069,000 after acquiring an additional 52,739 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Parker-Hannifin by 2.3% during the first quarter. Geode Capital Management LLC now owns 2,637,380 shares of the industrial products company’s stock valued at $884,432,000 after acquiring an additional 58,506 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Parker-Hannifin by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,990,847 shares of the industrial products company’s stock valued at $564,923,000 after acquiring an additional 24,977 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Trading Down 0.5 %

Shares of NYSE PH opened at $538.09 on Friday. The stock has a market cap of $69.10 billion, a price-to-earnings ratio of 26.64, a PEG ratio of 1.98 and a beta of 1.52. The business has a 50 day simple moving average of $540.09 and a 200 day simple moving average of $471.11. Parker-Hannifin Co. has a 52 week low of $309.89 and a 52 week high of $570.15. 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 (NYSE:PH) last posted its earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share 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 firm had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period in the previous year, the company earned $4.76 EPS. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, research analysts predict that Parker-Hannifin Co. will post 24.3 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were paid a $1.48 dividend. The ex-dividend date was Thursday, February 8th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.10%. Parker-Hannifin’s payout ratio is 29.31%.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction on 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 sale, the vice president now directly owns 5,465 shares in the company, valued at $2,741,899.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Andrew D. Ross sold 3,904 shares of the stock in a transaction 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 sale, the chief operating officer now 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 available through the SEC website. Also, VP Thomas C. Gentile sold 2,978 shares of the stock in a transaction on 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 sale, the vice president now owns 5,465 shares in the company, valued at approximately $2,741,899.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,079 shares of company stock worth $6,099,566. 1.03% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PH has been the topic of a number of recent analyst reports. The Goldman Sachs Group restated a “buy” rating and set a $551.00 price objective on shares of Parker-Hannifin in a research note on Tuesday, January 2nd. Truist Financial initiated coverage on shares of Parker-Hannifin in a research note on Thursday, March 14th. They set a “buy” rating and a $602.00 price objective on the stock. Evercore ISI lifted their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. KeyCorp lifted their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $515.38.

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.