Assetmark Inc. Raises Stock Position in Parker-Hannifin Co. (NYSE:PH)

Assetmark Inc. raised its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 8.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 18,753 shares of the industrial products company’s stock after acquiring an additional 1,505 shares during the quarter. Assetmark Inc.’s holdings in Parker-Hannifin were worth $8,640,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. SageView Advisory Group LLC increased its stake in Parker-Hannifin by 109.1% during the 3rd quarter. SageView Advisory Group LLC now owns 1,510 shares of the industrial products company’s stock worth $588,000 after buying an additional 788 shares in the last quarter. Berger Financial Group Inc purchased a new stake in shares of Parker-Hannifin during the third quarter worth approximately $201,000. US Bancorp DE raised its stake in Parker-Hannifin by 4.7% in the 3rd quarter. US Bancorp DE now owns 79,481 shares of the industrial products company’s stock valued at $30,960,000 after purchasing an additional 3,604 shares during the last quarter. Corient Private Wealth LLC lifted its holdings in Parker-Hannifin by 24.3% in the 3rd quarter. Corient Private Wealth LLC now owns 141,218 shares of the industrial products company’s stock valued at $55,009,000 after purchasing an additional 27,633 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in Parker-Hannifin by 4.3% during the 3rd quarter. Signaturefd LLC now owns 2,327 shares of the industrial products company’s stock worth $906,000 after purchasing an additional 96 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin 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 directly owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were 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 in the company, valued at approximately $609,989.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the transaction, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PH has been the subject of a number of recent research reports. Mizuho increased their target price on shares of Parker-Hannifin from $490.00 to $550.00 and gave the company a “neutral” rating in a research report on Friday, May 3rd. Wells Fargo & Company cut their price objective on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a report on Monday, May 6th. Stifel Nicolaus boosted their target price on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Evercore ISI upped their price target on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Finally, KeyCorp lifted their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $560.20.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $546.07 on Thursday. The firm has a 50 day moving average of $549.07 and a two-hundred day moving average of $499.07. The stock has a market capitalization of $70.19 billion, a PE ratio of 25.73, a P/E/G ratio of 2.19 and a beta of 1.51. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. Parker-Hannifin Co. has a 52 week low of $319.14 and a 52 week high of $570.15.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping the consensus estimate of $6.10 by $0.41. The firm had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. Parker-Hannifin’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the firm posted $5.93 EPS. On average, research analysts predict that Parker-Hannifin Co. will post 24.82 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a yield of 1.19%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s payout ratio is currently 30.73%.

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.