Oppenheimer Asset Management Inc. Buys 314 Shares of Parker-Hannifin Corporation (NYSE:PH)

Oppenheimer Asset Management Inc. boosted its stake in Parker-Hannifin Corporation (NYSE:PH) by 1.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,065 shares of the industrial products company’s stock after purchasing an additional 314 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Parker-Hannifin were worth $12,804,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Whipplewood Advisors LLC bought a new position in Parker-Hannifin in the 4th quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in Parker-Hannifin in the 4th quarter valued at approximately $25,000. Millstone Evans Group LLC bought a new position in Parker-Hannifin in the 4th quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC bought a new position in Parker-Hannifin in the 4th quarter valued at approximately $32,000. Finally, Meeder Asset Management Inc. raised its stake in shares of Parker-Hannifin by 214.3% during the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 45 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Trading Up 1.7%

PH opened at $664.08 on Tuesday. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $718.44. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The company has a fifty day moving average of $638.88 and a 200-day moving average of $641.97. The stock has a market cap of $84.86 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The company had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the prior year, the company posted $6.51 earnings per share. Parker-Hannifin’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, sell-side analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were issued a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 1.08%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 27.72%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PH shares. KeyCorp raised their price target on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. Wolfe Research downgraded shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research note on Thursday, April 3rd. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research note on Friday, May 16th. Citigroup dropped their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, Wall Street Zen downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $719.71.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the sale, the vice president now directly owns 2,083 shares in the company, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.39% of the company’s stock.

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.