Mediolanum International Funds Ltd Invests $1.16 Million in Parker-Hannifin Co. (NYSE:PH)

Mediolanum International Funds Ltd purchased a new stake in Parker-Hannifin Co. (NYSE:PH) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,084 shares of the industrial products company’s stock, valued at approximately $1,163,000.

Other large investors have also added to or reduced their stakes in the company. Harbor Investment Advisory LLC lifted its position 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 acquiring an additional 20 shares in the last quarter. Sachetta LLC bought a new position in Parker-Hannifin in the 4th quarter valued at about $25,000. Northwest Investment Counselors LLC bought a new position in Parker-Hannifin in the 1st quarter valued at about $31,000. Wetzel Investment Advisors Inc. bought a new position in Parker-Hannifin in the 4th quarter valued at about $26,000. Finally, First United Bank & Trust bought a new position in Parker-Hannifin in the 4th quarter valued at about $29,000. Institutional investors own 82.44% of the company’s stock.

Insider Activity

In other news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction on Monday, May 6th. The shares were 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 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 accessible through this hyperlink. 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 value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Berend Bracht sold 1,079 shares of the business’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 directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Wall Street Analysts Forecast Growth

PH has been the topic of several recent research reports. Raymond James initiated coverage on shares of Parker-Hannifin in a research report on Friday, June 28th. They issued an “outperform” rating and a $610.00 price target on the stock. Barclays dropped 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. Truist Financial lifted their target price on shares of Parker-Hannifin from $611.00 to $621.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Wells Fargo & Company dropped their target price on shares of Parker-Hannifin from $630.00 to $600.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $567.81.

Parker-Hannifin Stock Performance

Parker-Hannifin stock traded up $14.63 during mid-day trading on Wednesday, reaching $523.31. The company’s stock had a trading volume of 642,860 shares, compared to its average volume of 649,555. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $570.15. The company has a market capitalization of $67.27 billion, a P/E ratio of 24.54, a PEG ratio of 1.98 and a beta of 1.44. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. The firm’s fifty day moving average price is $525.46 and its two-hundred day moving average price is $518.83.

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 analysts’ consensus estimates of $6.10 by $0.41. The business 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 was up .3% compared to the same quarter last year. During the same period in the previous year, the business earned $5.93 EPS. Sell-side analysts predict that Parker-Hannifin Co. will post 24.85 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were given a dividend of $1.63 per share. 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 dividend yield of 1.25%. The ex-dividend date was Thursday, May 9th. Parker-Hannifin’s 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.