MJP Associates Inc. ADV Takes $308,000 Position in Parker-Hannifin Co. (NYSE:PH)

MJP Associates Inc. ADV bought a new stake in shares of Parker-Hannifin Co. (NYSE:PH) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 555 shares of the industrial products company’s stock, valued at approximately $308,000.

Other institutional investors have also made changes to their positions in the company. Aigen Investment Management LP acquired a new position in Parker-Hannifin in the third quarter valued at about $270,000. CI Investments Inc. boosted its position in Parker-Hannifin by 26.4% in the third quarter. CI Investments Inc. now owns 2,248 shares of the industrial products company’s stock valued at $876,000 after buying an additional 470 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in Parker-Hannifin in the third quarter valued at about $183,000. LPL Financial LLC boosted its position in Parker-Hannifin by 21.6% in the third quarter. LPL Financial LLC now owns 102,078 shares of the industrial products company’s stock valued at $39,761,000 after buying an additional 18,098 shares in the last quarter. Finally, Mariner LLC boosted its position in Parker-Hannifin by 3.7% in the third quarter. Mariner LLC now owns 27,702 shares of the industrial products company’s stock valued at $10,791,000 after buying an additional 991 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PH has been the topic of a number of recent research reports. KeyCorp increased their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Truist Financial reissued a “buy” rating and issued a $611.00 target price on shares of Parker-Hannifin in a research note on Wednesday, May 15th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their target price for the company from $550.00 to $650.00 in a research note on Tuesday, May 28th. Wells Fargo & Company lowered their target price 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. Finally, Argus lifted their target price on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $566.33.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $504.16 on Friday. The firm has a market cap of $64.80 billion, a price-to-earnings ratio of 23.76, a price-to-earnings-growth ratio of 2.03 and a beta of 1.46. The stock’s 50-day moving average is $534.48 and its 200-day moving average is $513.28. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $570.15. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. The company had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company posted $5.93 earnings per share. Equities analysts predict that Parker-Hannifin Co. will post 24.84 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders 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. The ex-dividend date was Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.29%. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

Insider Activity

In related news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The sale was disclosed in a filing with the SEC, which is available at this link. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Berend Bracht sold 1,079 shares of the stock in a transaction on Monday, May 6th. The shares were 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 owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is owned by company insiders.

Parker-Hannifin 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.