Essex Financial Services Inc. Has $668,000 Stock Position in Parker-Hannifin Co. (NYSE:PH)

Essex Financial Services Inc. raised its stake in Parker-Hannifin Co. (NYSE:PH) by 4.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,050 shares of the industrial products company’s stock after acquiring an additional 41 shares during the quarter. Essex Financial Services Inc.’s holdings in Parker-Hannifin were worth $668,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of PH. West Branch Capital LLC acquired a new position in Parker-Hannifin during the 3rd quarter valued at about $25,000. Prestige Wealth Management Group LLC lifted its holdings in Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after buying an additional 25 shares during the period. Bank of New Hampshire bought a new position in Parker-Hannifin in the fourth quarter valued at approximately $35,000. Northwest Investment Counselors LLC acquired a new stake in Parker-Hannifin during the 3rd quarter worth $39,000. Finally, Hager Investment Management Services LLC bought a new stake in shares of Parker-Hannifin during the 4th quarter valued at $44,000. 82.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PH has been the topic of several recent research reports. UBS Group reduced their price target on Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. TD Cowen raised their target price on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Robert W. Baird upped their price target on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Barclays reduced their price objective on shares of Parker-Hannifin from $800.00 to $791.00 and set an “overweight” rating on the stock in a research note on Friday, January 31st. Finally, Wells Fargo & Company upped their target price on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Two investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $729.18.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $679.01 on Thursday. The company has a fifty day moving average price of $664.76 and a 200 day moving average price of $637.49. Parker-Hannifin Co. has a 1-year low of $492.71 and a 1-year high of $718.44. The firm has a market cap of $87.40 billion, a PE ratio of 28.10, a PEG ratio of 2.84 and a beta of 1.45. 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 (NYSE:PH) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. Research analysts predict that Parker-Hannifin Co. will post 26.67 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 7th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.96%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 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.