Forum Financial Management LP Acquires 45 Shares of Parker-Hannifin Corporation (NYSE:PH)

Forum Financial Management LP grew its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 3.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,410 shares of the industrial products company’s stock after buying an additional 45 shares during the period. Forum Financial Management LP’s holdings in Parker-Hannifin were worth $857,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. HUB Investment Partners LLC raised its position in 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 purchasing an additional 1,057 shares in the last quarter. SG Americas Securities LLC grew its position in Parker-Hannifin by 27.2% in the first quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company’s stock worth $18,850,000 after acquiring an additional 6,630 shares during the period. Congress Wealth Management LLC DE boosted its holdings in Parker-Hannifin by 67.8% in the fourth quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company’s stock valued at $29,135,000 after purchasing an additional 18,503 shares during the period. Alley Investment Management Company LLC acquired a new stake in Parker-Hannifin in the first quarter valued at $7,996,000. Finally, Washington Trust Bank grew its holdings in shares of Parker-Hannifin by 3,019.5% during the fourth quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company’s stock worth $9,881,000 after buying an additional 15,037 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Insider Transactions at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, the vice president owned 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 legal filing with the SEC, which can be accessed through this link. 0.39% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Morgan Stanley upped their price objective on Parker-Hannifin from $700.00 to $725.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 9th. Citigroup reaffirmed a “buy” rating and issued a $831.00 price objective (up previously from $709.00) on shares of Parker-Hannifin in a research note on Monday. Wells Fargo & Company boosted their price objective on shares of Parker-Hannifin from $670.00 to $770.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Evercore ISI upped their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an “outperform” rating in a research report on Monday, May 19th. Finally, KeyCorp increased their price objective on shares of Parker-Hannifin from $735.00 to $790.00 and gave the stock an “overweight” rating in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $739.12.

Parker-Hannifin Stock Performance

NYSE PH opened at $723.47 on Friday. The company’s 50 day simple moving average is $679.48 and its two-hundred day simple moving average is $647.91. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. The stock has a market capitalization of $92.45 billion, a PE ratio of 27.86, a P/E/G ratio of 3.05 and a beta of 1.34. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $736.75.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping analysts’ consensus estimates of $6.72 by $0.22. The firm had revenue of $4.96 billion during 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 business’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $6.51 earnings per share. Analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were paid a dividend of $1.80 per share. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.00%. Parker-Hannifin’s dividend payout ratio is presently 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.