Tema Etfs LLC Purchases New Shares in Parker-Hannifin Co. (NYSE:PH)

Tema Etfs LLC bought a new stake in Parker-Hannifin Co. (NYSE:PH) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 8,624 shares of the industrial products company’s stock, valued at approximately $5,485,000. Parker-Hannifin accounts for 2.3% of Tema Etfs LLC’s investment portfolio, making the stock its 11th biggest holding.

Several other institutional investors have also modified their holdings of the stock. Whipplewood Advisors LLC purchased a new position in shares of Parker-Hannifin in the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Parker-Hannifin in the fourth quarter worth about $25,000. Millstone Evans Group LLC purchased a new position in shares of Parker-Hannifin in the fourth quarter worth about $30,000. Kestra Investment Management LLC purchased a new position in shares of Parker-Hannifin in the fourth quarter worth about $40,000. Finally, Meeder Asset Management Inc. lifted its stake in shares of Parker-Hannifin by 214.3% in the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company’s stock worth $42,000 after buying an additional 45 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the transaction, the vice president now owns 2,083 shares in the company, valued at $1,292,230.71. The trade was a 6.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.39% of the stock is currently owned by company insiders.

Parker-Hannifin Trading Up 1.2%

Shares of PH stock opened at $680.95 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The stock has a market capitalization of $87.01 billion, a P/E ratio of 28.19, a price-to-earnings-growth ratio of 2.85 and a beta of 1.36. The company has a 50 day moving average price of $603.37 and a 200 day moving average price of $647.24. Parker-Hannifin Co. has a fifty-two week low of $488.45 and a fifty-two week high of $718.44.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The firm had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the business posted $6.51 earnings per share. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. Equities research analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be issued a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 1.06%. The ex-dividend date is Friday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s payout ratio is 27.72%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PH shares. Citigroup decreased their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. UBS Group reduced their target price on shares of Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. Truist Financial reduced their target price on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company lifted their target price on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Barclays reduced their target price on shares of Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $713.88.

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.