Lake Street Advisors Group LLC Invests $604,000 in Parker-Hannifin Co. (NYSE:PH)

Lake Street Advisors Group LLC acquired a new position in Parker-Hannifin Co. (NYSE:PH) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,311 shares of the industrial products company’s stock, valued at approximately $604,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Sachetta LLC bought a new position in Parker-Hannifin in the fourth quarter worth $25,000. Wetzel Investment Advisors Inc. bought a new position in Parker-Hannifin in the fourth quarter worth $26,000. First United Bank & Trust bought a new position in Parker-Hannifin in the fourth quarter worth $29,000. Private Wealth Management Group LLC bought a new position in Parker-Hannifin in the fourth quarter worth $33,000. Finally, Cherry Tree Wealth Management LLC lifted its position in Parker-Hannifin by 44.6% in the fourth quarter. Cherry Tree Wealth Management LLC now owns 81 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 25 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Up 1.8 %

Parker-Hannifin stock traded up $8.99 during mid-day trading on Wednesday, reaching $521.44. The stock had a trading volume of 365,975 shares, compared to its average volume of 622,933. Parker-Hannifin Co. has a fifty-two week low of $334.09 and a fifty-two week high of $570.15. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. The stock’s 50-day simple moving average is $545.24 and its 200-day simple moving average is $506.29. The firm has a market capitalization of $67.03 billion, a PE ratio of 24.14, a price-to-earnings-growth ratio of 2.05 and a beta of 1.46.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. The company had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the company earned $5.93 earnings per share. On average, sell-side analysts forecast that Parker-Hannifin Co. will post 24.84 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a dividend yield of 1.25%. Parker-Hannifin’s payout ratio is presently 30.73%.

Insider Activity

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

Wall Street Analyst Weigh In

Several brokerages recently commented on PH. Bank of America raised their target price on Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Evercore ISI lifted their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Stifel Nicolaus lifted their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Barclays cut their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and an average target price of $566.33.

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.