Veracity Capital LLC Has $501,000 Stock Position in Parker-Hannifin Co. (NYSE:PH)

Veracity Capital LLC increased its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 21.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 901 shares of the industrial products company’s stock after purchasing an additional 160 shares during the period. Veracity Capital LLC’s holdings in Parker-Hannifin were worth $501,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Sapient Capital LLC acquired a new stake in Parker-Hannifin in the fourth quarter valued at approximately $1,392,000. abrdn plc grew its stake in Parker-Hannifin by 57.8% in the fourth quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock valued at $25,247,000 after acquiring an additional 20,073 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $4,068,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $3,305,000. Finally, Lockheed Martin Investment Management Co. boosted its position in shares of Parker-Hannifin by 18.1% during the fourth quarter. Lockheed Martin Investment Management Co. now owns 56,070 shares of the industrial products company’s stock valued at $25,831,000 after buying an additional 8,600 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Analyst Ratings Changes

PH has been the topic of several analyst reports. Argus lifted their target price on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Stifel Nicolaus reaffirmed a “buy” rating and set a $629.00 target price on shares of Parker-Hannifin in a research report on Tuesday. Barclays cut their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Truist Financial boosted 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. Finally, Mizuho upgraded 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 research note on Tuesday, May 28th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. 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 0.5 %

PH stock opened at $512.72 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. The company has a market capitalization of $65.91 billion, a price-to-earnings ratio of 24.16, a PEG ratio of 1.99 and a beta of 1.44. Parker-Hannifin Co. has a fifty-two week low of $362.49 and a fifty-two week high of $570.15. The stock has a fifty day moving average of $528.06 and a 200-day moving average of $516.86.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share 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 the consensus estimate 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 in the prior year, the company earned $5.93 EPS. As a group, equities research analysts predict that Parker-Hannifin Co. will post 24.85 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were issued a dividend of $1.63 per share. 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. This represents a $6.52 dividend on an annualized basis and a yield of 1.27%. Parker-Hannifin’s dividend payout ratio is 30.73%.

Insider Buying and Selling

In related news, VP Jay Reidy sold 572 shares of the stock in a transaction dated 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 sale was disclosed in a legal 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 firm’s stock in a transaction dated 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Jay Reidy sold 572 shares of the firm’s 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. 1.03% of the stock is currently owned by insiders.

Parker-Hannifin Company 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.