Zurich Insurance Group Ltd FI Buys 753 Shares of Parker-Hannifin Co. (NYSE:PH)

Zurich Insurance Group Ltd FI lifted its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 20.9% in the 4th quarter, Holdings Channel reports. The fund owned 4,353 shares of the industrial products company’s stock after acquiring an additional 753 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Parker-Hannifin were worth $2,769,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Whipplewood Advisors LLC bought 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 shares of Parker-Hannifin in the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC bought a new stake in shares of Parker-Hannifin in the fourth quarter worth $30,000. Kestra Investment Management LLC acquired a new position in Parker-Hannifin during the fourth quarter worth $40,000. Finally, Meeder Asset Management Inc. boosted its holdings in Parker-Hannifin by 214.3% during the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 45 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

NYSE:PH opened at $680.19 on Wednesday. Parker-Hannifin Co. has a 12-month low of $488.45 and a 12-month high of $718.44. The firm has a market capitalization of $86.91 billion, a price-to-earnings ratio of 28.15, a P/E/G ratio of 2.85 and a beta of 1.36. The stock’s 50 day moving average price is $606.46 and its two-hundred day moving average price is $647.87. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The business had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter last year, the firm posted $6.51 EPS. The company’s quarterly revenue was down 2.2% on a year-over-year basis. On average, analysts anticipate that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

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

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the sale, the vice president now directly owns 2,083 shares of the company’s stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.39% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on PH. Evercore ISI lifted their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a research note on Monday. Stifel Nicolaus lifted their target price on Parker-Hannifin from $564.00 to $630.00 and gave the company a “hold” rating in a research report on Friday, May 2nd. Wells Fargo & Company increased their price target on Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. 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. Finally, UBS Group dropped their price objective on Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $718.44.

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.