Alta Advisers Ltd Acquires 200 Shares of Parker-Hannifin Corporation (NYSE:PH)

by · The Cerbat Gem

Alta Advisers Ltd raised its holdings in Parker-Hannifin Corporation (NYSE:PH – Free Report) by 45.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 636 shares of the industrial products company’s stock after buying an additional 200 shares during the quarter. Alta Advisers Ltd’s holdings in Parker-Hannifin were worth $387,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Aster Capital Management DIFC Ltd bought a new position in Parker-Hannifin in the fourth quarter worth about $25,000. Millstone Evans Group LLC bought a new position in shares of Parker-Hannifin in the 4th quarter worth approximately $30,000. Mpwm Advisory Solutions LLC purchased a new position in shares of Parker-Hannifin in the 4th quarter valued at approximately $32,000. Meeder Asset Management Inc. lifted its stake in shares of Parker-Hannifin by 214.3% in the 4th quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 45 shares during the period. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $48,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on PH shares. Wolfe Research lowered Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research report on Thursday, April 3rd. Morgan Stanley began coverage on shares of Parker-Hannifin in a research report on Thursday, June 5th. They set an “equal weight” rating and a $700.00 price target for the company. Wall Street Zen lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Truist Financial decreased their target price on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Finally, Mizuho set a $785.00 target price on shares of Parker-Hannifin in a report on Friday, May 16th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin has an average rating of “Moderate Buy” and a consensus target price of $719.41.

Get Our Latest Research Report on PH

Parker-Hannifin Trading Up 0.7%

Shares of NYSE:PH opened at $703.45 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $718.44. The company has a market cap of $89.89 billion, a P/E ratio of 27.09, a PEG ratio of 3.26 and a beta of 1.34. The stock’s fifty day moving average price is $654.51 and its 200-day moving average price is $642.67.

Parker-Hannifin (NYSE:PH – Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping analysts’ consensus estimates of $6.72 by $0.22. The business had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. Parker-Hannifin’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.51 EPS. Sell-side analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date was Friday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s payout ratio is 27.72%.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, the vice president directly owned 2,083 shares in the company, valued at $1,292,230.71. This trade represents a 6.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.39% of the company’s stock.

About Parker-Hannifin

(Free Report)

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.

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