Empirical Financial Services LLC d.b.a. Empirical Wealth Management Buys 329 Shares of Parker-Hannifin Co. (NYSE:PH)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 8.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,151 shares of the industrial products company’s stock after buying an additional 329 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Parker-Hannifin were worth $1,913,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. OFI Invest Asset Management bought a new position in shares of Parker-Hannifin in the third quarter worth approximately $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Parker-Hannifin in the fourth quarter worth approximately $26,000. Baystate Wealth Management LLC boosted its stake in Parker-Hannifin by 233.3% in the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock worth $27,000 after buying an additional 49 shares in the last quarter. Oakworth Capital Inc. boosted its stake in Parker-Hannifin by 48.3% in the third quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock worth $33,000 after buying an additional 28 shares in the last quarter. Finally, ORG Partners LLC purchased a new stake in Parker-Hannifin in the fourth quarter worth approximately $42,000. 82.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PH has been the subject of several research reports. Truist Financial upped their target price on Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a research note on Friday. Evercore ISI increased their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Argus increased their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research note on Monday. KeyCorp increased their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Stifel Nicolaus raised their price target on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $539.56.

Insider Activity at Parker-Hannifin

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

Parker-Hannifin Stock Down 0.1 %

Shares of NYSE:PH traded down $0.65 on Tuesday, hitting $550.14. 475,443 shares of the company traded hands, compared to its average volume of 605,391. Parker-Hannifin Co. has a 52 week low of $319.14 and a 52 week high of $570.15. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The stock has a 50 day simple moving average of $545.73 and a 200-day simple moving average of $486.41. The company has a market cap of $70.64 billion, a PE ratio of 25.93, a PEG ratio of 1.94 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating 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 firm had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same period last year, the company earned $5.93 earnings per share. The company’s revenue was up .3% on a year-over-year basis. As a group, research analysts expect that Parker-Hannifin Co. will post 24.62 earnings per share 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. The ex-dividend date of this dividend is Thursday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a dividend yield of 1.19%. Parker-Hannifin’s dividend payout ratio (DPR) is 27.90%.

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.