Parker-Hannifin Co. (NYSE:PH) Shares Acquired by ProShare Advisors LLC

ProShare Advisors LLC lifted its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 14.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,403 shares of the industrial products company’s stock after purchasing an additional 2,706 shares during the quarter. ProShare Advisors LLC’s holdings in Parker-Hannifin were worth $13,613,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in PH. Whipplewood Advisors LLC acquired a new stake in Parker-Hannifin in the 4th quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Parker-Hannifin in the 4th quarter valued at approximately $25,000. Millstone Evans Group LLC acquired a new stake in Parker-Hannifin in the 4th quarter valued at approximately $30,000. Kestra Investment Management LLC acquired a new stake in Parker-Hannifin in the 4th quarter valued at approximately $40,000. Finally, Meeder Asset Management Inc. increased its position in Parker-Hannifin by 214.3% in the 4th 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 period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on PH. Stifel Nicolaus increased their price target on Parker-Hannifin from $564.00 to $630.00 and gave the company a “hold” rating in a research note on Friday, May 2nd. Truist Financial decreased their price target on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Barclays reduced their price objective on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Citigroup reduced their price objective on 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, Wells Fargo & Company raised their price objective on Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $710.12.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $680.95 on Friday. Parker-Hannifin Co. has a 1 year low of $488.45 and a 1 year high of $718.44. The business has a fifty day simple moving average of $603.37 and a 200 day simple moving average of $647.09. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The firm has a market cap of $87.01 billion, a price-to-earnings ratio of 28.19, a P/E/G ratio of 2.85 and a beta of 1.36.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating the consensus estimate of $6.72 by $0.22. The company had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The business’s revenue was down 2.2% compared to the same quarter last year. During the same period last year, the company earned $6.51 earnings per share. As a group, sell-side analysts predict that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be given a dividend of $1.80 per share. The ex-dividend date is Friday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a yield of 1.06%. Parker-Hannifin’s dividend payout ratio (DPR) is 27.72%.

Insider Buying and Selling

In other news, VP Jay Reidy sold 150 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, the vice president now directly owns 2,083 shares of the company’s stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.39% of the stock is owned by company insiders.

Parker-Hannifin Company 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.