Parker-Hannifin Co. (NYSE:PH) Shares Sold by Norris Perne & French LLP MI

Norris Perne & French LLP MI cut its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 13.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 685 shares of the industrial products company’s stock after selling 111 shares during the period. Norris Perne & French LLP MI’s holdings in Parker-Hannifin were worth $381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harbor Investment Advisory LLC boosted its holdings in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 20 shares during the last quarter. Sachetta LLC purchased a new position in shares of Parker-Hannifin in the 4th quarter valued at $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Parker-Hannifin in the 1st quarter valued at $31,000. Wetzel Investment Advisors Inc. purchased a new position in shares of Parker-Hannifin in the 4th quarter valued at $26,000. Finally, First United Bank & Trust acquired a new stake in Parker-Hannifin during the 4th quarter worth $29,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Activity

In other news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the transaction, the vice president now owns 1,137 shares in the company, valued at approximately $609,989.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Jay Reidy sold 572 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the transaction, the vice president now owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Berend Bracht sold 1,079 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on PH shares. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Wells Fargo & Company reduced their price target on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Raymond James initiated coverage on shares of Parker-Hannifin in a research report on Friday. They set an “outperform” rating and a $610.00 target price on the stock. Argus boosted their target price on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Finally, Truist Financial reiterated a “buy” rating and set a $611.00 target price on shares of Parker-Hannifin in a research note on Wednesday, May 15th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus target price of $569.06.

Parker-Hannifin Trading Up 0.3 %

PH stock traded up $1.59 during mid-day trading on Friday, reaching $505.81. 2,809,368 shares of the stock traded hands, compared to its average volume of 748,323. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $570.15. The company has a market cap of $65.02 billion, a P/E ratio of 23.86, a P/E/G ratio of 2.02 and a beta of 1.46. The stock’s fifty day moving average is $531.05 and its 200-day moving average is $515.17.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same period in the prior year, the firm earned $5.93 earnings per share. The business’s quarterly revenue was up .3% on a year-over-year basis. As a group, sell-side analysts expect that Parker-Hannifin Co. will post 24.85 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were paid a dividend of $1.63 per share. The ex-dividend date was Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a yield of 1.29%. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

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.