Congress Wealth Management LLC DE Buys Shares of 22,562 Parker-Hannifin Co. (NYSE:PH)

Congress Wealth Management LLC DE purchased a new position in Parker-Hannifin Co. (NYSE:PH) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 22,562 shares of the industrial products company’s stock, valued at approximately $12,540,000.

Several other large investors have also recently made changes to their positions in the company. Harbor Investment Advisory LLC boosted its stake in Parker-Hannifin by 60.6% during the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 20 shares during the last quarter. Sachetta LLC acquired a new stake in Parker-Hannifin in the 4th quarter valued at about $25,000. Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin in the 1st quarter worth approximately $31,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $26,000. Finally, First United Bank & Trust purchased a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $29,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction that occurred 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 owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin 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 sale, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jay Reidy sold 572 shares of the stock in a transaction that occurred 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 transaction, the vice president now directly owns 1,137 shares of the company’s stock, valued at $609,989.13. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on PH shares. Truist Financial lifted their price objective on Parker-Hannifin from $611.00 to $621.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays lowered their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Mizuho upgraded shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Raymond James assumed coverage on shares of Parker-Hannifin in a research note on Friday. They set an “outperform” rating and a $610.00 target price on the stock. Finally, Bank of America increased their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $569.69.

Parker-Hannifin Price Performance

Shares of PH opened at $501.01 on Tuesday. 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 Co. has a 1-year low of $362.49 and a 1-year high of $570.15. The stock has a market cap of $64.40 billion, a PE ratio of 23.61, a price-to-earnings-growth ratio of 2.09 and a beta of 1.44. The firm has a fifty day moving average price of $531.05 and a 200 day moving average price of $516.21.

Parker-Hannifin (NYSE:PH) last released its quarterly 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 firm had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. During the same quarter last year, the business posted $5.93 EPS. The firm’s quarterly revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Parker-Hannifin Co. will post 24.85 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed 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. This represents a $6.52 dividend on an annualized basis and a yield of 1.30%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 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.