Norden Group LLC Purchases Shares of 6,930 Parker-Hannifin Co. (NYSE:PH)

Norden Group LLC purchased a new position in Parker-Hannifin Co. (NYSE:PH) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,930 shares of the industrial products company’s stock, valued at approximately $3,849,000.

A number of other large investors have also modified their holdings of the business. Norges Bank acquired a new stake in Parker-Hannifin during the 4th quarter worth about $665,188,000. Alphinity Investment Management Pty Ltd boosted its position in Parker-Hannifin by 42.2% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock valued at $521,861,000 after buying an additional 336,370 shares during the last quarter. Baird Financial Group Inc. increased its holdings in Parker-Hannifin by 3.7% in the 4th quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock worth $320,173,000 after buying an additional 25,060 shares during the period. Wells Fargo & Company MN raised its position in Parker-Hannifin by 11.8% during the 4th quarter. Wells Fargo & Company MN now owns 630,306 shares of the industrial products company’s stock worth $290,382,000 after buying an additional 66,331 shares during the last quarter. Finally, AMF Tjanstepension AB lifted its stake in Parker-Hannifin by 12.9% during the 1st quarter. AMF Tjanstepension AB now owns 616,400 shares of the industrial products company’s stock valued at $342,660,000 after acquiring an additional 70,237 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the company’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 sale, the vice president now directly 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 can be accessed through this link. In other news, VP Berend Bracht sold 1,079 shares of the stock in a transaction that occurred 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 sale, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a filing with the SEC, which is accessible 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 sale, the vice president now owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Analyst Ratings Changes

PH has been the subject of several recent research reports. Wells Fargo & Company reduced their target price on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a report on Monday, May 6th. Stifel Nicolaus reissued a “buy” rating and issued a $629.00 price objective on shares of Parker-Hannifin in a report on Tuesday. Truist Financial raised their target price on Parker-Hannifin from $611.00 to $621.00 and gave the stock a “buy” rating in a report on Tuesday. Barclays decreased their price target on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Finally, Mizuho raised 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 note on Tuesday, May 28th. Four investment 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, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus target price of $569.69.

Parker-Hannifin Stock Up 0.4 %

PH opened at $512.14 on Thursday. The company has a market cap of $65.83 billion, a PE ratio of 24.13, a price-to-earnings-growth ratio of 1.98 and a beta of 1.44. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $570.15. The company has a 50-day moving average price of $529.47 and a 200 day moving average price of $516.93. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PH) last announced its 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 business 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 business’s revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.93 earnings per share. Sell-side analysts expect that Parker-Hannifin Co. will post 24.85 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were issued 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 dividend on an annualized basis and a yield of 1.27%. Parker-Hannifin’s dividend payout ratio 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.