Parker-Hannifin Corporation (NYSE:PH) Shares Bought by Townsend Asset Management Corp NC ADV

Townsend Asset Management Corp NC ADV grew its position in Parker-Hannifin Corporation (NYSE:PH) by 3.8% in the first quarter, HoldingsChannel reports. The institutional investor owned 6,328 shares of the industrial products company’s stock after acquiring an additional 229 shares during the period. Parker-Hannifin makes up 1.5% of Townsend Asset Management Corp NC ADV’s portfolio, making the stock its 20th biggest holding. Townsend Asset Management Corp NC ADV’s holdings in Parker-Hannifin were worth $3,846,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PH. Norges Bank purchased a new position in Parker-Hannifin during the 4th quarter valued at about $1,106,132,000. GAMMA Investing LLC lifted its position in shares of Parker-Hannifin by 66,111.8% during the first quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company’s stock worth $1,054,870,000 after purchasing an additional 1,732,791 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in shares of Parker-Hannifin by 116,370.3% in the fourth quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock valued at $725,229,000 after purchasing an additional 1,139,265 shares during the period. Royal Bank of Canada grew its holdings in shares of Parker-Hannifin by 99.8% in the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company’s stock valued at $1,448,241,000 after purchasing an additional 1,137,564 shares in the last quarter. Finally, Capital World Investors purchased a new stake in Parker-Hannifin during the 4th quarter worth approximately $418,174,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on PH shares. Evercore ISI raised their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a research report on Monday, May 19th. KeyCorp lifted their target price on Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. Citigroup cut their price target on Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Barclays decreased their price objective on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Finally, Morgan Stanley began coverage on shares of Parker-Hannifin in a report on Thursday, June 5th. They set an “equal weight” rating and a $700.00 price target for the company. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and a consensus price target of $719.71.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the firm’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 directly owns 2,083 shares in the company, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their position. The transaction 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.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $652.45 on Thursday. The stock has a market cap of $83.37 billion, a P/E ratio of 25.12, a P/E/G ratio of 3.04 and a beta of 1.34. The stock has a 50 day moving average of $633.39 and a two-hundred day moving average of $643.61. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $718.44.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping analysts’ consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same period last year, the firm earned $6.51 EPS. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. On average, research analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were issued a $1.80 dividend. The ex-dividend date was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.10%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s dividend payout ratio (DPR) 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.