West Oak Capital LLC Purchases New Holdings in Parker-Hannifin Co. (NYSE:PH)

West Oak Capital LLC acquired a new position in shares of Parker-Hannifin Co. (NYSE:PH) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 665 shares of the industrial products company’s stock, valued at approximately $370,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Parker-Hannifin in the 4th quarter valued at about $665,188,000. Alphinity Investment Management Pty Ltd raised its position in Parker-Hannifin by 42.2% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock valued at $521,861,000 after purchasing an additional 336,370 shares in the last quarter. Baird Financial Group Inc. lifted its stake in Parker-Hannifin by 3.7% during the fourth quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock worth $320,173,000 after purchasing an additional 25,060 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Parker-Hannifin by 11.8% in the 4th quarter. Wells Fargo & Company MN now owns 630,306 shares of the industrial products company’s stock valued at $290,382,000 after purchasing an additional 66,331 shares in the last quarter. Finally, AMF Tjanstepension AB increased its stake in shares of Parker-Hannifin by 12.9% in the 1st quarter. AMF Tjanstepension AB now owns 616,400 shares of the industrial products company’s stock valued at $342,660,000 after purchasing an additional 70,237 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Barclays decreased their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and increased their price objective for the company from $550.00 to $650.00 in a research note on Tuesday, May 28th. Truist Financial boosted their target price on shares of Parker-Hannifin from $611.00 to $621.00 and gave the stock a “buy” rating in a research note on Tuesday. KeyCorp increased their price target on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Argus boosted their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus price target of $569.69.

Parker-Hannifin Trading Up 1.8 %

Shares of Parker-Hannifin stock traded up $9.02 on Tuesday, hitting $510.03. 542,145 shares of the company’s stock traded hands, compared to its average volume of 655,633. The company has a fifty day moving average of $530.28 and a two-hundred day moving average of $516.53. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $570.15. The company has a market capitalization of $65.56 billion, a price-to-earnings ratio of 24.03, a price-to-earnings-growth ratio of 2.09 and a beta of 1.44. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating the consensus estimate of $6.10 by $0.41. The company had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. Parker-Hannifin’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.93 EPS. 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 announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.28%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. Parker-Hannifin’s payout ratio is presently 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.