GAMMA Investing LLC Acquires 1,732,791 Shares of Parker-Hannifin Co. (NYSE:PH)

GAMMA Investing LLC grew its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 66,111.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,735,412 shares of the industrial products company’s stock after buying an additional 1,732,791 shares during the period. GAMMA Investing LLC owned 1.35% of Parker-Hannifin worth $1,054,870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Whipplewood Advisors LLC purchased a new position in Parker-Hannifin during the fourth quarter valued at $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Parker-Hannifin during the 4th quarter valued at about $25,000. Millstone Evans Group LLC bought a new position in shares of Parker-Hannifin during the 4th quarter valued at about $30,000. Mpwm Advisory Solutions LLC purchased a new position in shares of Parker-Hannifin during the fourth quarter valued at about $32,000. Finally, Kestra Investment Management LLC bought a new stake in shares of Parker-Hannifin in the fourth quarter worth about $40,000. Institutional investors own 82.44% of the company’s stock.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of the firm’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 transaction, the vice president now directly owns 2,083 shares of the company’s stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.39% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Stifel Nicolaus increased their price target on Parker-Hannifin from $564.00 to $630.00 and gave the company a “hold” rating in a research note on Friday, May 2nd. Wall Street Zen downgraded Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Wednesday, March 19th. Citigroup cut their target price on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating for the company in a report on Monday, April 14th. Evercore ISI upped their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a research note on Monday, May 19th. Finally, Truist Financial lowered their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average price target of $718.44.

Parker-Hannifin Price Performance

PH stock opened at $666.97 on Friday. The stock has a market cap of $85.22 billion, a PE ratio of 27.61, a P/E/G ratio of 2.85 and a beta of 1.36. Parker-Hannifin Co. has a 12 month low of $488.45 and a 12 month high of $718.44. The company has a 50-day moving average price of $611.80 and a 200 day moving average price of $647.12. 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 announced its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating the consensus estimate 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 27.34% and a net margin of 15.87%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.51 earnings per share. Equities research analysts anticipate that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be given a $1.80 dividend. This represents a $7.20 annualized dividend and a yield of 1.08%. The ex-dividend date is Friday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s dividend payout ratio is 27.72%.

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.