Parker-Hannifin Co. (NYSE:PH) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. lessened its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 7.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 7,678 shares of the industrial products company’s stock after selling 587 shares during the period. Oppenheimer & Co. Inc.’s holdings in Parker-Hannifin were worth $4,267,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fidelis Capital Partners LLC raised its stake in Parker-Hannifin by 2.3% during the 1st quarter. Fidelis Capital Partners LLC now owns 851 shares of the industrial products company’s stock valued at $473,000 after purchasing an additional 19 shares during the period. Harbor Investment Advisory LLC raised its stake in Parker-Hannifin by 60.6% during the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 20 shares during the period. GoalVest Advisory LLC raised its stake in Parker-Hannifin by 40.0% during the 1st quarter. GoalVest Advisory LLC now owns 70 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 20 shares during the period. Essex Financial Services Inc. raised its stake in Parker-Hannifin by 4.3% during the 1st quarter. Essex Financial Services Inc. now owns 539 shares of the industrial products company’s stock valued at $300,000 after purchasing an additional 22 shares during the period. Finally, Beaumont Asset Management L.L.C. raised its stake in Parker-Hannifin by 0.8% during the 4th quarter. Beaumont Asset Management L.L.C. now owns 3,071 shares of the industrial products company’s stock valued at $1,415,000 after purchasing an additional 24 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Jay Reidy sold 572 shares of the stock in a transaction dated 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 owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, VP Berend Bracht sold 1,079 shares of the stock in a transaction dated 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 owns 4,200 shares in the company, valued at $2,305,170. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Jay Reidy sold 572 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Parker-Hannifin Stock Up 1.8 %

PH stock opened at $537.90 on Friday. 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 Co. has a 52-week low of $362.49 and a 52-week high of $570.15. The company has a 50-day moving average of $525.05 and a two-hundred day moving average of $519.88. The stock has a market capitalization of $69.14 billion, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 2.10 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same period in the prior year, the company earned $5.93 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities research analysts anticipate that Parker-Hannifin Co. will post 24.85 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.21%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. Parker-Hannifin’s dividend payout ratio is 30.73%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PH shares. Argus boosted their target price on shares of Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research note on Monday, May 6th. 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, July 2nd. 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. Stifel Nicolaus reaffirmed a “buy” rating and issued a $629.00 price target on shares of Parker-Hannifin in a research note on Tuesday, July 2nd. Finally, Wells Fargo & Company dropped their price target on shares of Parker-Hannifin from $630.00 to $600.00 and set an “overweight” rating on the stock in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $567.81.

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.