Hennion & Walsh Asset Management Inc. Cuts Position in Parker-Hannifin Co. (NYSE:PH)

Hennion & Walsh Asset Management Inc. reduced its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 9.3% in the first quarter, HoldingsChannel reports. The firm owned 7,631 shares of the industrial products company’s stock after selling 783 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Parker-Hannifin were worth $4,241,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PH. Sapient Capital LLC acquired a new position in shares of Parker-Hannifin during the fourth quarter worth $1,392,000. abrdn plc grew its stake in Parker-Hannifin by 57.8% during the 4th quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock worth $25,247,000 after buying an additional 20,073 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Parker-Hannifin during the 4th quarter valued at about $4,068,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Parker-Hannifin in the fourth quarter valued at about $3,305,000. Finally, Independent Advisor Alliance boosted its holdings in Parker-Hannifin by 8.3% in the fourth quarter. Independent Advisor Alliance now owns 16,234 shares of the industrial products company’s stock worth $7,479,000 after acquiring an additional 1,243 shares in the last quarter. Institutional investors own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PH. Truist Financial restated a “buy” rating and set a $611.00 price objective on shares of Parker-Hannifin in a report on Wednesday, May 15th. Wells Fargo & Company cut their target price on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. KeyCorp raised their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Bank of America raised their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Finally, Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their price objective for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $569.06.

Insider Activity

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

Parker-Hannifin Stock Performance

Parker-Hannifin stock opened at $505.81 on Friday. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $570.15. The stock has a market cap of $65.02 billion, a price-to-earnings ratio of 23.84, a price-to-earnings-growth ratio of 2.02 and a beta of 1.46. The firm has a 50 day simple moving average of $531.05 and a 200-day simple moving average of $515.68. 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 posted its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.10 by $0.41. The company had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the firm earned $5.93 earnings per share. On average, analysts expect that Parker-Hannifin Co. will post 24.85 EPS for the current year.

Parker-Hannifin Increases Dividend

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

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.