Connective Portfolio Management LLC Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Connective Portfolio Management LLC purchased a new stake in Parker-Hannifin Co. (NYSE:PH) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 900 shares of the industrial products company’s stock, valued at approximately $572,000.

Several other hedge funds have also recently modified their holdings of the business. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of Parker-Hannifin by 46.4% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,135 shares of the industrial products company’s stock worth $1,358,000 after purchasing an additional 677 shares during the last quarter. Park Avenue Securities LLC boosted its holdings in shares of Parker-Hannifin by 14.1% in the 4th quarter. Park Avenue Securities LLC now owns 8,741 shares of the industrial products company’s stock valued at $5,559,000 after buying an additional 1,079 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Parker-Hannifin by 176.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 438,126 shares of the industrial products company’s stock worth $278,661,000 after buying an additional 279,480 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its stake in shares of Parker-Hannifin by 9.3% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 1,529 shares of the industrial products company’s stock worth $972,000 after acquiring an additional 130 shares in the last quarter. Finally, Pines Wealth Management LLC purchased a new position in Parker-Hannifin in the fourth quarter worth $374,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PH shares. TD Cowen raised their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Jefferies Financial Group boosted their price target on Parker-Hannifin from $765.00 to $810.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. StockNews.com raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Barclays boosted their target price on shares of Parker-Hannifin from $703.00 to $800.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Wolfe Research upgraded shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective for the company in a research note on Thursday, December 12th. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $722.94.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the completion of the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at $3,831,839.40. This represents a 30.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jennifer A. Parmentier sold 4,906 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total value of $3,457,209.14. Following the completion of the sale, the chief executive officer now directly owns 33,607 shares in the company, valued at $23,682,516.83. This represents a 12.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,077 shares of company stock valued at $12,303,829. 0.39% of the stock is owned by company insiders.

Parker-Hannifin Stock Up 1.4 %

Shares of PH opened at $656.08 on Thursday. The stock’s 50-day moving average price is $673.15 and its 200-day moving average price is $616.80. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $84.45 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 2.54 and a beta of 1.45. Parker-Hannifin Co. has a 52 week low of $453.18 and a 52 week high of $712.42.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating the consensus estimate of $6.14 by $0.06. The firm had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. Parker-Hannifin’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.96 EPS. On average, sell-side analysts predict that Parker-Hannifin Co. will post 26.75 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were paid a $1.63 dividend. The ex-dividend date was Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a yield of 0.99%. Parker-Hannifin’s dividend payout ratio is currently 29.45%.

Parker-Hannifin 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.