Meeder Asset Management Inc. Boosts Position in Parker-Hannifin Co. (NYSE:PH)

Meeder Asset Management Inc. lifted its position in Parker-Hannifin Co. (NYSE:PH) by 214.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 66 shares of the industrial products company’s stock after purchasing an additional 45 shares during the quarter. Meeder Asset Management Inc.’s holdings in Parker-Hannifin were worth $42,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Parker-Hannifin by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company’s stock worth $6,903,962,000 after buying an additional 111,406 shares during the last quarter. State Street Corp grew its position in Parker-Hannifin by 13.8% in the third quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock worth $3,918,696,000 after acquiring an additional 753,143 shares during the period. Geode Capital Management LLC grew its position in Parker-Hannifin by 1.2% in the third quarter. Geode Capital Management LLC now owns 2,577,831 shares of the industrial products company’s stock worth $1,623,689,000 after acquiring an additional 29,408 shares during the period. Wellington Management Group LLP increased its stake in Parker-Hannifin by 39.9% during the third quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company’s stock worth $1,249,645,000 after acquiring an additional 564,365 shares during the last quarter. Finally, Norges Bank purchased a new stake in Parker-Hannifin in the fourth quarter valued at $1,106,132,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on PH. Truist Financial raised their price objective on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Citigroup started coverage on shares of Parker-Hannifin in a research report on Friday, February 7th. They set a “buy” rating and a $795.00 price target for the company. StockNews.com downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Evercore ISI increased their price objective on shares of Parker-Hannifin from $777.00 to $824.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Finally, Wolfe Research upgraded shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 target price for the company in a report on Thursday, December 12th. Three equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and an average price target of $736.65.

Parker-Hannifin Price Performance

PH stock opened at $609.53 on Wednesday. Parker-Hannifin Co. has a 1 year low of $492.71 and a 1 year high of $718.44. The firm has a market capitalization of $78.46 billion, a P/E ratio of 25.23, a P/E/G ratio of 2.85 and a beta of 1.50. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59. The business’s 50-day moving average is $655.77 and its two-hundred day moving average is $655.35.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results 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 net margin of 15.87% and a return on equity of 27.34%. Analysts anticipate that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 7th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.07%. The ex-dividend date of this dividend was Friday, February 7th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 26.99%.

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.