Parallel Advisors LLC Boosts Stake in Parker-Hannifin Co. (NYSE:PH)

Parallel Advisors LLC lifted its stake in Parker-Hannifin Co. (NYSE:PH) by 51.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,741 shares of the industrial products company’s stock after purchasing an additional 1,606 shares during the period. Parallel Advisors LLC’s holdings in Parker-Hannifin were worth $3,016,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PH. Empowered Funds LLC boosted its holdings in Parker-Hannifin by 13.5% in the 3rd quarter. Empowered Funds LLC now owns 2,499 shares of the industrial products company’s stock worth $1,579,000 after buying an additional 298 shares during the period. Atlanta Consulting Group Advisors LLC bought a new position in Parker-Hannifin in the 3rd quarter worth $306,000. Adero Partners LLC bought a new position in Parker-Hannifin in the 3rd quarter worth $224,000. Claro Advisors LLC boosted its holdings in Parker-Hannifin by 62.5% in the 3rd quarter. Claro Advisors LLC now owns 746 shares of the industrial products company’s stock worth $471,000 after buying an additional 287 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in Parker-Hannifin by 4.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 39,887 shares of the industrial products company’s stock worth $25,201,000 after buying an additional 1,825 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PH shares. Wells Fargo & Company upped their target price on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Wolfe Research raised 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 report on Thursday, December 12th. Stifel Nicolaus increased their price objective on shares of Parker-Hannifin from $689.00 to $691.00 and gave the company a “hold” rating in a report on Friday, January 31st. Truist Financial increased their price objective on shares of Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Barclays dropped their price objective on shares of Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $736.65.

Parker-Hannifin Stock Up 2.3 %

Shares of NYSE:PH opened at $622.09 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. Parker-Hannifin Co. has a 12 month low of $492.71 and a 12 month high of $718.44. The company has a market cap of $80.08 billion, a price-to-earnings ratio of 25.75, a PEG ratio of 2.85 and a beta of 1.50. The company has a 50-day moving average price of $661.68 and a 200 day moving average price of $652.21.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. As a group, equities research analysts predict that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 7th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date was Friday, February 7th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 26.99%.

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.