HighPoint Advisor Group LLC Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

HighPoint Advisor Group LLC purchased a new position in Parker-Hannifin Co. (NYSE:PH) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,179 shares of the industrial products company’s stock, valued at approximately $1,925,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Beaumont Asset Management L.L.C. boosted its holdings in Parker-Hannifin by 0.8% in the fourth quarter. Beaumont Asset Management L.L.C. now owns 3,071 shares of the industrial products company’s stock worth $1,415,000 after acquiring an additional 24 shares in the last quarter. M&R Capital Management Inc. boosted its holdings in Parker-Hannifin by 25.0% in the fourth quarter. M&R Capital Management Inc. now owns 125 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 25 shares in the last quarter. Private Trust Co. NA boosted its holdings in Parker-Hannifin by 0.7% in the fourth quarter. Private Trust Co. NA now owns 3,755 shares of the industrial products company’s stock worth $1,730,000 after acquiring an additional 25 shares in the last quarter. Keel Point LLC boosted its holdings in Parker-Hannifin by 3.1% in the fourth quarter. Keel Point LLC now owns 842 shares of the industrial products company’s stock worth $388,000 after acquiring an additional 25 shares in the last quarter. Finally, Great Valley Advisor Group Inc. raised its stake in shares of Parker-Hannifin by 1.8% in the fourth quarter. Great Valley Advisor Group Inc. now owns 1,410 shares of the industrial products company’s stock worth $650,000 after purchasing an additional 25 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Stifel Nicolaus increased their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Truist Financial reissued a “buy” rating and issued a $611.00 price objective on shares of Parker-Hannifin in a research note on Wednesday, May 15th. Evercore ISI increased their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Bank of America increased their price objective on Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Finally, Wells Fargo & Company lowered their price objective on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a research note on Monday, May 6th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $566.33.

Insiders Place Their Bets

In other news, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the transaction, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the transaction, the vice president now directly owns 1,137 shares of the company’s stock, valued at $609,989.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the transaction, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Parker-Hannifin Stock Performance

NYSE:PH opened at $506.83 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The business has a fifty day simple moving average of $537.33 and a two-hundred day simple moving average of $512.35. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $570.15. The company has a market capitalization of $65.15 billion, a P/E ratio of 23.88, a P/E/G ratio of 2.03 and a beta of 1.46.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same period last year, the business posted $5.93 earnings per share. The business’s revenue for the quarter was up .3% on a year-over-year basis. On average, analysts expect that Parker-Hannifin Co. will post 24.84 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were given a $1.63 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 30.73%.

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.