Pegasus Asset Management Inc. Boosts Holdings in Parker-Hannifin Corporation (NYSE:PH)

Pegasus Asset Management Inc. raised its stake in shares of Parker-Hannifin Corporation (NYSE:PH) by 0.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 14,880 shares of the industrial products company’s stock after purchasing an additional 42 shares during the quarter. Parker-Hannifin accounts for about 3.6% of Pegasus Asset Management Inc.’s investment portfolio, making the stock its 8th biggest position. Pegasus Asset Management Inc.’s holdings in Parker-Hannifin were worth $9,045,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Optivise Advisory Services LLC bought a new position in shares of Parker-Hannifin during the 1st quarter worth about $223,000. Halbert Hargrove Global Advisors LLC bought a new position in shares of Parker-Hannifin during the 1st quarter worth about $2,555,000. Robertson Stephens Wealth Management LLC increased its holdings in shares of Parker-Hannifin by 3.9% during the 1st quarter. Robertson Stephens Wealth Management LLC now owns 1,185 shares of the industrial products company’s stock worth $721,000 after purchasing an additional 45 shares during the period. Strategic Advisors LLC increased its holdings in shares of Parker-Hannifin by 1.6% during the 1st quarter. Strategic Advisors LLC now owns 6,517 shares of the industrial products company’s stock worth $3,961,000 after purchasing an additional 103 shares during the period. Finally, Grimes & Company Inc. increased its holdings in shares of Parker-Hannifin by 7.7% during the 1st quarter. Grimes & Company Inc. now owns 461 shares of the industrial products company’s stock worth $280,000 after purchasing an additional 33 shares during the period. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

NYSE:PH opened at $652.36 on Wednesday. The firm has a market cap of $83.36 billion, a PE ratio of 25.12, a price-to-earnings-growth ratio of 3.09 and a beta of 1.34. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $718.44. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The company’s 50-day moving average price is $632.27 and its two-hundred day moving average price is $643.55.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. The firm had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $6.51 earnings per share. On average, equities analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.10%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, May 9th. Parker-Hannifin’s dividend payout ratio is presently 27.72%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PH. Citigroup lowered their target price 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. Truist Financial lowered 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. Argus set a $680.00 target price on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Wall Street Zen cut shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Finally, Wolfe Research cut shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research note on Thursday, April 3rd. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average price target of $719.71.

Insider Transactions at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of the company’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 in the company, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.39% of the stock is owned by company insiders.

Parker-Hannifin Company 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.