TD Asset Management Inc. Boosts Holdings in Parker-Hannifin Co. (NYSE:PH)

TD Asset Management Inc. increased its position in Parker-Hannifin Co. (NYSE:PH) by 0.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 146,090 shares of the industrial products company’s stock after purchasing an additional 407 shares during the quarter. TD Asset Management Inc. owned 0.11% of Parker-Hannifin worth $92,918,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. EFG Asset Management North America Corp. grew its stake in Parker-Hannifin by 9.4% during the 4th quarter. EFG Asset Management North America Corp. now owns 4,479 shares of the industrial products company’s stock valued at $2,847,000 after purchasing an additional 385 shares in the last quarter. CoreFirst Bank & Trust purchased a new position in shares of Parker-Hannifin during the 4th quarter valued at approximately $127,000. Corebridge Financial Inc. boosted its stake in shares of Parker-Hannifin by 0.4% during the 4th quarter. Corebridge Financial Inc. now owns 31,727 shares of the industrial products company’s stock valued at $20,179,000 after buying an additional 119 shares during the last quarter. Congress Wealth Management LLC DE grew its position in shares of Parker-Hannifin by 67.8% during the fourth quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company’s stock worth $29,135,000 after buying an additional 18,503 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Parker-Hannifin by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company’s stock worth $6,903,962,000 after buying an additional 111,406 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. StockNews.com lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a report on Wednesday, March 19th. Wells Fargo & Company lifted their price target on Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Jefferies Financial Group boosted their price objective on Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a report on Friday, December 6th. Wolfe Research raised Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 target price on the stock in a report on Thursday, December 12th. Finally, Stifel Nicolaus boosted their price target on Parker-Hannifin from $689.00 to $691.00 and gave the company a “hold” rating in a report on Friday, January 31st. Three research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $736.65.

Parker-Hannifin Stock Up 1.4 %

PH stock opened at $651.41 on Wednesday. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. The firm’s 50-day simple moving average is $660.80 and its 200 day simple moving average is $654.24. The stock has a market cap of $83.85 billion, a PE ratio of 26.96, a price-to-earnings-growth ratio of 2.85 and a beta of 1.50. Parker-Hannifin Co. has a fifty-two week low of $492.71 and a fifty-two week high of $718.44.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, beating the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. As a group, sell-side analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 7th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend was Friday, February 7th. Parker-Hannifin’s dividend payout ratio (DPR) is 26.99%.

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.