Corundum Group Inc. Purchases Shares of 696 Parker-Hannifin Corporation $PH

Corundum Group Inc. purchased a new stake in Parker-Hannifin Corporation (NYSE:PH) during the 4th quarter, Holdings Channel reports. The firm purchased 696 shares of the industrial products company’s stock, valued at approximately $612,000.

Other hedge funds have also modified their holdings of the company. Czech National Bank lifted its stake in Parker-Hannifin by 2.5% in the 4th quarter. Czech National Bank now owns 33,274 shares of the industrial products company’s stock valued at $29,247,000 after buying an additional 821 shares in the last quarter. Optivise Advisory Services LLC increased its position in Parker-Hannifin by 42.3% during the fourth quarter. Optivise Advisory Services LLC now owns 821 shares of the industrial products company’s stock worth $721,000 after buying an additional 244 shares in the last quarter. Lee Johnson Capital Management LLC purchased a new position in Parker-Hannifin during the fourth quarter worth $544,000. Thrive Wealth Management LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter worth $214,000. Finally, Gilman Hill Asset Management LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter worth $254,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $920.42 on Thursday. The company has a market cap of $116.18 billion, a P/E ratio of 33.57, a P/E/G ratio of 2.98 and a beta of 1.23. The business has a fifty day simple moving average of $956.92 and a 200-day simple moving average of $866.99. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $1,034.96. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, topping the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.During the same quarter in the prior year, the firm earned $6.53 EPS. Parker-Hannifin’s revenue for the quarter was up 9.1% on a year-over-year basis. Equities research analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 6th were issued a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, February 6th. Parker-Hannifin’s dividend payout ratio is presently 26.26%.

Wall Street Analysts Forecast Growth

PH has been the topic of several recent research reports. Truist Financial set a $1,139.00 price objective on Parker-Hannifin in a research report on Friday, January 30th. Wells Fargo & Company boosted their target price on shares of Parker-Hannifin from $1,000.00 to $1,050.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Morgan Stanley upped their target price on shares of Parker-Hannifin from $945.00 to $1,038.00 and gave the company an “equal weight” rating in a report on Tuesday, February 24th. JPMorgan Chase & Co. raised their price target on shares of Parker-Hannifin from $1,083.00 to $1,100.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Finally, Barclays lifted their price target 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. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $995.37.

Insiders Place Their Bets

In related news, VP Dinu J. Parel sold 1,316 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president directly owned 6,534 shares of the company’s stock, valued at approximately $6,207,626.70. This trade represents a 16.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Matthew A. Jacobson sold 564 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $949.94, for a total transaction of $535,766.16. Following the transaction, the vice president directly owned 1,000 shares of the company’s stock, valued at $949,940. This trade represents a 36.06% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 10,063 shares of company stock valued at $9,891,214. 0.32% of the stock is currently owned by corporate insiders.

Parker-Hannifin Company 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.