Sumitomo Life Insurance Co. Purchases 2,012 Shares of Parker-Hannifin Co. (NYSE:PH)

Sumitomo Life Insurance Co. raised its holdings in shares of Parker-Hannifin Co. (NYSE:PHFree Report) by 71.6% during the fourth quarter, Holdings Channel reports. The fund owned 4,824 shares of the industrial products company’s stock after buying an additional 2,012 shares during the period. Sumitomo Life Insurance Co.’s holdings in Parker-Hannifin were worth $2,222,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Sapient Capital LLC purchased a new position in Parker-Hannifin in the 4th quarter worth $1,392,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Parker-Hannifin in the fourth quarter valued at about $3,305,000. 17 Capital Partners LLC bought a new position in shares of Parker-Hannifin during the fourth quarter valued at about $2,271,000. HMS Capital Management LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth about $1,225,000. Finally, RFG Advisory LLC grew its stake in shares of Parker-Hannifin by 417.3% in the fourth quarter. RFG Advisory LLC now owns 3,207 shares of the industrial products company’s stock worth $1,477,000 after purchasing an additional 2,587 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Trading Down 1.0 %

NYSE:PH opened at $550.32 on Monday. The stock has a market cap of $70.67 billion, a price-to-earnings ratio of 27.24, a PEG ratio of 2.01 and a beta of 1.52. The company has a quick ratio of 0.49, a current ratio of 0.90 and a debt-to-equity ratio of 0.72. The company’s 50 day moving average price is $537.77 and its 200-day moving average price is $468.00. Parker-Hannifin Co. has a 52 week low of $309.89 and a 52 week high of $570.15.

Parker-Hannifin (NYSE:PHGet Free Report) last issued its earnings results on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The business had revenue of $4.82 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period last year, the business posted $4.76 EPS. The company’s revenue was up 3.1% compared to the same quarter last year. On average, equities research analysts forecast that Parker-Hannifin Co. will post 24.3 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were given a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date was Thursday, February 8th. Parker-Hannifin’s dividend payout ratio (DPR) is 29.31%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Barclays upped their target price on Parker-Hannifin from $558.00 to $625.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. KeyCorp boosted their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday. TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and increased their price target for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. Stifel Nicolaus lifted their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Finally, Wells Fargo & Company increased their target price on Parker-Hannifin from $450.00 to $510.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 19th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $515.38.

View Our Latest Stock Report on PH

Insider Activity

In related news, COO Andrew D. Ross sold 3,904 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the transaction, the chief operating officer now owns 13,120 shares in the company, valued at $6,693,299.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Parker-Hannifin news, COO Andrew D. Ross sold 3,904 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $6,693,299.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the completion of the transaction, the vice president now owns 5,465 shares in the company, valued at $2,741,899.80. The disclosure for this sale can be found here. Insiders have sold a total of 12,079 shares of company stock valued at $6,099,566 in the last 90 days. 1.03% of the stock is currently owned by insiders.

Parker-Hannifin Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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