Tyche Wealth Partners LLC Purchases New Position in Parker-Hannifin Co. (NYSE:PH)

Tyche Wealth Partners LLC purchased a new stake in Parker-Hannifin Co. (NYSE:PH) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 444 shares of the industrial products company’s stock, valued at approximately $205,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new stake in shares of Parker-Hannifin during the third quarter worth approximately $25,000. Baystate Wealth Management LLC raised its stake in shares of Parker-Hannifin by 233.3% during the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 49 shares during the last quarter. First Capital Advisors Group LLC. purchased a new stake in shares of Parker-Hannifin during the second quarter worth approximately $30,000. Oakworth Capital Inc. raised its stake in shares of Parker-Hannifin by 48.3% during the third quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 28 shares during the last quarter. Finally, ORG Partners LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth approximately $42,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Down 0.5 %

Parker-Hannifin stock opened at $538.09 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.49 and a current ratio of 0.90. The firm has a market capitalization of $69.10 billion, a price-to-earnings ratio of 26.64, a price-to-earnings-growth ratio of 1.98 and a beta of 1.52. Parker-Hannifin Co. has a fifty-two week low of $309.89 and a fifty-two week high of $570.15. The stock’s fifty day moving average is $540.09 and its two-hundred day moving average is $471.11.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.26 by $0.89. The business had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.82 billion. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter last year, the company earned $4.76 earnings per share. Analysts predict that Parker-Hannifin Co. will post 24.3 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were paid a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Thursday, February 8th. Parker-Hannifin’s payout ratio is currently 29.31%.

Insider Activity at Parker-Hannifin

In related news, EVP Mark J. Hart sold 5,197 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total transaction of $2,613,779.18. Following the sale, the executive vice president now owns 7,063 shares of the company’s stock, valued at $3,552,265.22. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Parker-Hannifin news, COO Andrew D. Ross sold 3,904 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $510.16, for a total value of $1,991,664.64. Following the sale, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at approximately $6,693,299.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Mark J. Hart sold 5,197 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $502.94, for a total value of $2,613,779.18. Following the completion of the sale, the executive vice president now directly owns 7,063 shares in the company, valued at $3,552,265.22. The disclosure for this sale can be found here. Insiders have sold a total of 12,079 shares of company stock valued at $6,099,566 over the last quarter. Insiders own 1.03% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on PH shares. Stifel Nicolaus increased their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Barclays increased their price objective on Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. Truist Financial started coverage on Parker-Hannifin in a research report on Thursday, March 14th. They issued a “buy” rating and a $602.00 price objective for the company. The Goldman Sachs Group reiterated a “buy” rating and issued a $551.00 price objective on shares of Parker-Hannifin in a research report on Tuesday, January 2nd. Finally, TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $300.00 to $500.00 in a research report on Friday, March 1st. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $515.38.

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.