Concurrent Investment Advisors LLC Has $1.37 Million Stock Position in Parker-Hannifin Co. (NYSE:PH)

Concurrent Investment Advisors LLC increased its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 7.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 2,707 shares of the industrial products company’s stock after acquiring an additional 192 shares during the period. Concurrent Investment Advisors LLC’s holdings in Parker-Hannifin were worth $1,369,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in PH. Sachetta LLC acquired a new stake in Parker-Hannifin during the fourth quarter worth approximately $25,000. First United Bank & Trust bought a new position in Parker-Hannifin in the fourth quarter worth approximately $29,000. Harbor Investment Advisory LLC boosted its holdings in Parker-Hannifin by 60.6% in the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 20 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new position in Parker-Hannifin in the fourth quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC bought a new position in Parker-Hannifin in the first quarter worth approximately $31,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Up 1.5 %

PH stock opened at $600.20 on Monday. The stock’s fifty day simple moving average is $547.07 and its two-hundred day simple moving average is $541.15. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $601.30. The stock has a market cap of $77.19 billion, a P/E ratio of 28.28, a P/E/G ratio of 2.44 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the previous year, the firm earned $6.08 earnings per share. The business’s revenue was up 1.8% on a year-over-year basis. Analysts expect that Parker-Hannifin Co. will post 26.61 EPS for the current year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be given a $1.63 dividend. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.09%. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Berend Bracht sold 850 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Truist Financial reiterated a “buy” rating and issued a $673.00 price target (up previously from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft increased their price target on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Stifel Nicolaus cut their price target on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Wells Fargo & Company increased their price target on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Finally, Barclays dropped their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $620.14.

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.