Miracle Mile Advisors LLC Buys 52 Shares of Parker-Hannifin Co. (NYSE:PH)

Miracle Mile Advisors LLC increased its stake in Parker-Hannifin Co. (NYSE:PH) by 7.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 709 shares of the industrial products company’s stock after buying an additional 52 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Parker-Hannifin were worth $394,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of PH. Schonfeld Strategic Advisors LLC grew its stake in shares of Parker-Hannifin by 1,085.3% during the third quarter. Schonfeld Strategic Advisors LLC now owns 15,124 shares of the industrial products company’s stock valued at $5,891,000 after buying an additional 13,848 shares during the last quarter. Truist Financial Corp increased its stake in Parker-Hannifin by 14.1% in the third quarter. Truist Financial Corp now owns 73,982 shares of the industrial products company’s stock worth $28,817,000 after purchasing an additional 9,136 shares during the period. Alps Advisors Inc. purchased a new stake in Parker-Hannifin in the third quarter worth $323,000. KPP Advisory Services LLC bought a new stake in shares of Parker-Hannifin during the third quarter worth $640,000. Finally, Jackson Wealth Management LLC purchased a new stake in shares of Parker-Hannifin during the third quarter valued at $1,579,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the sale, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Berend Bracht sold 1,079 shares of the company’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 sale, the vice president now owns 4,200 shares in the company, valued at $2,305,170. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Jay Reidy sold 572 shares of the firm’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 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. Corporate insiders own 1.03% of the company’s stock.

Parker-Hannifin Stock Down 0.9 %

Shares of PH stock opened at $501.01 on Tuesday. The stock’s fifty day moving average price is $531.05 and its 200 day moving average price is $516.21. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $570.15. The company has a market cap of $64.40 billion, a price-to-earnings ratio of 23.61, a price-to-earnings-growth ratio of 2.09 and a beta of 1.44. 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 earnings per share 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 for the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the previous year, the firm earned $5.93 earnings per share. The company’s revenue was up .3% on a year-over-year basis. On average, research analysts expect that Parker-Hannifin Co. will post 24.85 earnings per share for the current fiscal 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 paid a dividend of $1.63 per share. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a yield of 1.30%. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PH. Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Raymond James assumed coverage on shares of Parker-Hannifin in a research note on Friday. They set an “outperform” rating and a $610.00 price target for the company. 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. Wells Fargo & Company decreased their target price on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a research report on Monday, May 6th. Finally, KeyCorp increased their price target on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $569.06.

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.