AlphaCore Capital LLC Invests $1.18 Million in Parker-Hannifin Co. (NYSE:PH)

AlphaCore Capital LLC bought a new position in shares of Parker-Hannifin Co. (NYSE:PH) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 1,860 shares of the industrial products company’s stock, valued at approximately $1,183,000.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Parker-Hannifin by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company’s stock valued at $6,903,962,000 after acquiring an additional 111,406 shares in the last quarter. Geode Capital Management LLC boosted its stake in Parker-Hannifin by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company’s stock valued at $1,699,580,000 after acquiring an additional 99,261 shares in the last quarter. Invesco Ltd. boosted its stake in Parker-Hannifin by 8.6% in the fourth quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company’s stock valued at $1,591,810,000 after acquiring an additional 198,292 shares in the last quarter. Royal Bank of Canada boosted its stake in 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 acquiring an additional 1,137,564 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Parker-Hannifin by 9.3% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company’s stock valued at $1,282,294,000 after acquiring an additional 172,064 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Trading Down 0.2%

Shares of PH stock opened at $655.98 on Friday. The business’s 50 day moving average is $609.02 and its two-hundred day moving average is $648.11. Parker-Hannifin Co. has a twelve month low of $488.45 and a twelve month high of $718.44. The company has a market capitalization of $83.82 billion, a P/E ratio of 27.15, a price-to-earnings-growth ratio of 2.85 and a beta of 1.36. 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 for the quarter, beating the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The company had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period last year, the business posted $6.51 EPS. The company’s revenue was down 2.2% on a year-over-year basis. Equities analysts forecast that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be paid a $1.80 dividend. The ex-dividend date is Friday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.10%. Parker-Hannifin’s payout ratio is 27.72%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PH shares. Citigroup lowered their target price on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Wells Fargo & Company raised their target price on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Wall Street Zen downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a research note on Friday, May 16th. Finally, Barclays lowered their price target on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $718.44.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, the vice president now directly owns 2,083 shares in the company, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.39% of the company’s stock.

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.