Bank of Nova Scotia Has $18.08 Million Position in Parker-Hannifin Co. (NYSE:PH)

Bank of Nova Scotia lifted its holdings in shares of Parker-Hannifin Co. (NYSE:PHFree Report) by 58.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,258 shares of the industrial products company’s stock after purchasing an additional 14,454 shares during the quarter. Bank of Nova Scotia’s holdings in Parker-Hannifin were worth $18,084,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of PH. Beaumont Asset Management L.L.C. boosted its stake in shares of Parker-Hannifin by 0.8% during the 4th quarter. Beaumont Asset Management L.L.C. now owns 3,071 shares of the industrial products company’s stock worth $1,415,000 after acquiring an additional 24 shares during the period. M&R Capital Management Inc. boosted its stake in shares of Parker-Hannifin by 25.0% during the 4th quarter. M&R Capital Management Inc. now owns 125 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 25 shares during the period. Private Trust Co. NA boosted its stake in shares of Parker-Hannifin by 0.7% during the 4th quarter. Private Trust Co. NA now owns 3,755 shares of the industrial products company’s stock worth $1,730,000 after acquiring an additional 25 shares during the period. Keel Point LLC boosted its stake in shares of Parker-Hannifin by 3.1% during the 4th quarter. Keel Point LLC now owns 842 shares of the industrial products company’s stock worth $388,000 after acquiring an additional 25 shares during the period. Finally, Great Valley Advisor Group Inc. boosted its stake in shares of Parker-Hannifin by 1.8% during the 4th quarter. Great Valley Advisor Group Inc. now owns 1,410 shares of the industrial products company’s stock worth $650,000 after acquiring an additional 25 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PH shares. Stifel Nicolaus lifted their target price on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their price target for the company from $550.00 to $650.00 in a research note on Tuesday, May 28th. Bank of America boosted their price target on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, May 17th. TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Finally, Truist Financial restated a “buy” rating and issued a $611.00 price target on shares of Parker-Hannifin in a research note on Wednesday, May 15th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $566.87.

Read Our Latest Report on PH

Parker-Hannifin Price Performance

Shares of PH stock traded up $7.06 on Friday, hitting $531.52. 1,250,579 shares of the company’s stock were exchanged, compared to its average volume of 627,726. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. Parker-Hannifin Co. has a 12 month low of $319.14 and a 12 month high of $570.15. The stock has a market cap of $68.32 billion, a P/E ratio of 25.05, a price-to-earnings-growth ratio of 2.13 and a beta of 1.51. The company has a 50 day moving average of $546.73 and a 200 day moving average of $504.59.

Parker-Hannifin (NYSE:PHGet Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping the consensus estimate of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the prior year, the company earned $5.93 EPS. Parker-Hannifin’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities research analysts predict that Parker-Hannifin Co. will post 24.84 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be given a dividend of $1.63 per share. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend is Thursday, May 9th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the transaction, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the transaction, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Berend Bracht sold 1,079 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Parker-Hannifin Company Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding PH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parker-Hannifin Co. (NYSE:PHFree Report).

Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

Receive News & Ratings for Parker-Hannifin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parker-Hannifin and related companies with MarketBeat.com's FREE daily email newsletter.