Prosperity Consulting Group LLC Raises Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Prosperity Consulting Group LLC increased its position in Parker-Hannifin Co. (NYSE:PH) by 83.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,377 shares of the industrial products company’s stock after buying an additional 627 shares during the quarter. Prosperity Consulting Group LLC’s holdings in Parker-Hannifin were worth $765,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Sapient Capital LLC purchased a new position in Parker-Hannifin during the 4th quarter valued at $1,392,000. abrdn plc grew its position in shares of Parker-Hannifin by 57.8% in the 4th quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock worth $25,247,000 after buying an additional 20,073 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of Parker-Hannifin in the 4th quarter worth about $4,068,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Parker-Hannifin in the 4th quarter worth about $3,305,000. Finally, Lockheed Martin Investment Management Co. grew its position in shares of Parker-Hannifin by 18.1% in the 4th quarter. Lockheed Martin Investment Management Co. now owns 56,070 shares of the industrial products company’s stock worth $25,831,000 after buying an additional 8,600 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PH shares. Barclays reduced their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Raymond James started coverage on shares of Parker-Hannifin in a research report on Friday, June 28th. They issued an “outperform” rating and a $610.00 target price on the stock. Truist Financial upped their price target on shares of Parker-Hannifin from $611.00 to $621.00 and gave the stock a “buy” rating in a research note on Tuesday. Argus upped their price target on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Finally, Bank of America upped their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $569.69.

Insider Transactions at Parker-Hannifin

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

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded down $7.22 during trading on Friday, hitting $505.50. The company’s stock had a trading volume of 548,772 shares, compared to its average volume of 743,681. The company has a 50-day moving average of $527.10 and a 200-day moving average of $517.22. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $570.15. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The firm has a market cap of $64.98 billion, a price-to-earnings ratio of 23.82, a P/E/G ratio of 1.99 and a beta of 1.44.

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

Parker-Hannifin Increases Dividend

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

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.