501 Shares in Parker-Hannifin Co. (NYSE:PH) Bought by Delta Investment Management LLC

Delta Investment Management LLC purchased a new stake in Parker-Hannifin Co. (NYSE:PH) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 501 shares of the industrial products company’s stock, valued at approximately $231,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PH. Alphinity Investment Management Pty Ltd acquired a new stake in Parker-Hannifin in the 3rd quarter valued at $310,208,000. FMR LLC increased its stake in Parker-Hannifin by 9.6% in the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock valued at $1,437,096,000 after buying an additional 324,063 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of Parker-Hannifin by 65,634.7% in the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock valued at $101,149,000 after acquiring an additional 219,220 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Parker-Hannifin by 52.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 506,406 shares of the industrial products company’s stock valued at $197,255,000 after acquiring an additional 173,323 shares during the period. Finally, iA Global Asset Management Inc. bought a new position in shares of Parker-Hannifin in the 3rd quarter valued at about $58,601,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded up $4.26 during midday trading on Friday, hitting $553.64. The stock had a trading volume of 548,739 shares, compared to its average volume of 492,829. The company’s 50-day moving average price is $543.27 and its 200-day moving average price is $477.71. The company has a market capitalization of $71.09 billion, a P/E ratio of 27.40, a price-to-earnings-growth ratio of 2.01 and a beta of 1.52. The company has a quick ratio of 0.49, a current ratio of 0.90 and a debt-to-equity ratio of 0.72. Parker-Hannifin Co. has a fifty-two week low of $312.36 and a fifty-two week high of $570.15.

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

Parker-Hannifin Increases Dividend

The business 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 represents a $6.52 dividend on an annualized basis and a yield of 1.18%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. Parker-Hannifin’s dividend payout ratio is currently 29.31%.

Insider Buying and Selling

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $2,741,899.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $2,741,899.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Andrew D. Ross sold 3,904 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at $6,693,299.20. The disclosure for this sale can be found here. Insiders sold a total of 12,079 shares of company stock worth $6,099,566 in the last three months. 1.03% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. KeyCorp lifted their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Truist Financial assumed coverage on shares of Parker-Hannifin in a research report on Thursday, March 14th. They issued a “buy” rating and a $602.00 price objective for the company. The Goldman Sachs Group reaffirmed a “buy” rating and set a $551.00 target price on shares of Parker-Hannifin in a report on Tuesday, January 2nd. Evercore ISI lifted their target price on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Finally, TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $515.38.

Parker-Hannifin 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.