Parker-Hannifin Co. (NYSE:PH) Shares Bought by Congress Asset Management Co.

Congress Asset Management Co. raised its stake in Parker-Hannifin Co. (NYSE:PH) by 0.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 191,608 shares of the industrial products company’s stock after purchasing an additional 907 shares during the period. Congress Asset Management Co.’s holdings in Parker-Hannifin were worth $116,469,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Whipplewood Advisors LLC acquired a new stake in Parker-Hannifin in the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new position in Parker-Hannifin in the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC acquired a new position in Parker-Hannifin in the fourth quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC purchased a new position in Parker-Hannifin in the fourth quarter valued at approximately $32,000. Finally, Kestra Investment Management LLC acquired a new stake in Parker-Hannifin during the fourth quarter worth approximately $40,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.39% of the company’s stock.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $672.02 on Friday. The company has a 50-day simple moving average of $616.90 and a 200-day simple moving average of $645.78. Parker-Hannifin Co. has a one year low of $488.45 and a one year high of $718.44. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The stock has a market capitalization of $85.87 billion, a price-to-earnings ratio of 27.82, a PEG ratio of 2.85 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The business had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the prior year, the company earned $6.51 earnings per share. The business’s revenue was down 2.2% compared to the same quarter last year. On average, analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were issued a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.07%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. Parker-Hannifin’s dividend payout ratio is presently 27.72%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Stifel Nicolaus upped their target price on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a “hold” rating in a report on Monday, June 2nd. Evercore ISI boosted their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a research report on Monday, May 19th. Wolfe Research cut shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research report on Thursday, April 3rd. Argus set a $680.00 price target on shares of Parker-Hannifin in a research report on Tuesday, May 6th. Finally, Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research report on Friday, May 16th. Five 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $719.71.

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.