Essex Savings Bank Has $252,000 Position in Parker-Hannifin Corporation (NYSE:PH)

Essex Savings Bank reduced its position in shares of Parker-Hannifin Corporation (NYSE:PH) by 4.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 414 shares of the industrial products company’s stock after selling 21 shares during the quarter. Essex Savings Bank’s holdings in Parker-Hannifin were worth $252,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PH. HUB Investment Partners LLC grew its holdings in shares of Parker-Hannifin by 15.7% during the 4th quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company’s stock valued at $4,960,000 after acquiring an additional 1,057 shares in the last quarter. Congress Wealth Management LLC DE grew its holdings in shares of Parker-Hannifin by 67.8% during the 4th quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company’s stock valued at $29,135,000 after acquiring an additional 18,503 shares in the last quarter. Washington Trust Bank grew its holdings in shares of Parker-Hannifin by 3,019.5% during the 4th quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company’s stock valued at $9,881,000 after acquiring an additional 15,037 shares in the last quarter. Ascent Wealth Partners LLC purchased a new position in shares of Parker-Hannifin during the 4th quarter valued at $1,216,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Parker-Hannifin by 7.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,294 shares of the industrial products company’s stock valued at $42,801,000 after acquiring an additional 4,668 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PH shares. Evercore ISI boosted their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a report on Monday, May 19th. Truist Financial lowered their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Stifel Nicolaus boosted their price target on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a “hold” rating in a report on Monday, June 2nd. Argus set a $680.00 price objective on shares of Parker-Hannifin in a report on Tuesday, May 6th. Finally, Citigroup decreased their price objective 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. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $719.71.

Parker-Hannifin Stock Up 0.0%

PH stock opened at $652.45 on Thursday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $718.44. The company has a 50-day moving average of $633.39 and a two-hundred day moving average of $643.61. The stock has a market capitalization of $83.37 billion, a price-to-earnings ratio of 25.12, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34.

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

Parker-Hannifin Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Friday, May 9th. 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. Parker-Hannifin’s dividend payout ratio is currently 27.72%.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the company’s stock in a transaction dated 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 of the company’s stock, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.