Heirloom Wealth Management Has $6.66 Million Position in Parker-Hannifin Co. (NYSE:PH)

Heirloom Wealth Management increased its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 2.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,449 shares of the industrial products company’s stock after buying an additional 352 shares during the quarter. Parker-Hannifin comprises approximately 2.6% of Heirloom Wealth Management’s investment portfolio, making the stock its 14th biggest position. Heirloom Wealth Management’s holdings in Parker-Hannifin were worth $6,657,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Cetera Advisor Networks LLC lifted its stake in Parker-Hannifin by 8.1% during the first quarter. Cetera Advisor Networks LLC now owns 1,496 shares of the industrial products company’s stock worth $425,000 after purchasing an additional 112 shares during the last quarter. Panagora Asset Management Inc. lifted its stake in Parker-Hannifin by 69.8% during the first quarter. Panagora Asset Management Inc. now owns 3,869 shares of the industrial products company’s stock worth $1,098,000 after purchasing an additional 1,591 shares during the last quarter. Prudential PLC bought a new stake in Parker-Hannifin during the first quarter worth $687,000. Moors & Cabot Inc. lifted its stake in Parker-Hannifin by 270.8% during the first quarter. Moors & Cabot Inc. now owns 2,718 shares of the industrial products company’s stock worth $771,000 after purchasing an additional 1,985 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Parker-Hannifin by 2.0% during the first quarter. Vanguard Group Inc. now owns 9,849,497 shares of the industrial products company’s stock worth $2,794,892,000 after purchasing an additional 190,889 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Parker-Hannifin stock traded down $3.44 during trading on Friday, hitting $534.65. The stock had a trading volume of 555,682 shares, compared to its average volume of 588,531. Parker-Hannifin Co. has a 1 year low of $309.89 and a 1 year high of $570.15. The company has a quick ratio of 0.49, a current ratio of 0.90 and a debt-to-equity ratio of 0.72. The stock’s 50 day moving average is $540.36 and its two-hundred day moving average is $472.15. The stock has a market cap of $68.65 billion, a price-to-earnings ratio of 26.47, a price-to-earnings-growth ratio of 1.98 and a beta of 1.52.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.26 by $0.89. The firm had revenue of $4.82 billion for the quarter, compared to the consensus estimate of $4.82 billion. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The business’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.76 earnings per share. As a group, analysts predict that Parker-Hannifin Co. will post 24.3 EPS for the current year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were paid a $1.48 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $5.92 dividend on an annualized basis and a yield of 1.11%. Parker-Hannifin’s dividend payout ratio is presently 29.31%.

Analyst Ratings Changes

A number of research analysts have recently commented on PH shares. Truist Financial started coverage on Parker-Hannifin in a research note on Thursday, March 14th. They issued a “buy” rating and a $602.00 price target for the company. Barclays increased their price target on Parker-Hannifin from $558.00 to $625.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. The Goldman Sachs Group reiterated a “buy” rating and issued a $551.00 price target on shares of Parker-Hannifin in a research note on Tuesday, January 2nd. Evercore ISI increased their price target on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Finally, Stifel Nicolaus increased their price target on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus target price of $515.38.

Insider Activity at Parker-Hannifin

In related news, COO Andrew D. Ross sold 3,904 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total value of $1,991,664.64. Following the transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $6,693,299.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Parker-Hannifin news, COO Andrew D. Ross sold 3,904 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at $6,693,299.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Mark J. Hart sold 5,197 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $502.94, for a total transaction of $2,613,779.18. Following the sale, the executive vice president now owns 7,063 shares of the company’s stock, valued at $3,552,265.22. The disclosure for this sale can be found here. Insiders have sold a total of 12,079 shares of company stock valued at $6,099,566 over the last 90 days. 1.03% of the stock is owned by insiders.

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.