TCG Advisory Services LLC Purchases Shares of 1,003 Parker-Hannifin Co. (NYSE:PH)

TCG Advisory Services LLC acquired a new position in shares of Parker-Hannifin Co. (NYSE:PH) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 1,003 shares of the industrial products company’s stock, valued at approximately $462,000.

Other hedge funds also recently modified their holdings of the company. Red Cedar Investment Management LLC increased its position in shares of Parker-Hannifin by 31.7% during the 4th quarter. Red Cedar Investment Management LLC now owns 9,420 shares of the industrial products company’s stock worth $4,340,000 after purchasing an additional 2,265 shares during the last quarter. Legacy Financial Advisors Inc. increased its holdings in Parker-Hannifin by 11.7% during the fourth quarter. Legacy Financial Advisors Inc. now owns 812 shares of the industrial products company’s stock worth $374,000 after buying an additional 85 shares during the last quarter. Sapient Capital LLC bought a new stake in Parker-Hannifin during the fourth quarter worth $1,324,000. Axxcess Wealth Management LLC lifted its stake in Parker-Hannifin by 45.2% in the fourth quarter. Axxcess Wealth Management LLC now owns 1,429 shares of the industrial products company’s stock valued at $658,000 after acquiring an additional 445 shares during the last quarter. Finally, Merit Financial Group LLC grew its position in shares of Parker-Hannifin by 28.0% in the 4th quarter. Merit Financial Group LLC now owns 1,220 shares of the industrial products company’s stock valued at $562,000 after acquiring an additional 267 shares during the period. Institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PH shares. Barclays cut their target price on shares of Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating for the company in a research note on Friday. KeyCorp boosted their target price on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Truist Financial raised their price target on Parker-Hannifin from $602.00 to $611.00 and gave the company a “buy” rating in a report on Friday. Mizuho upped their price objective on shares of Parker-Hannifin from $490.00 to $550.00 and gave the company a “neutral” rating in a report on Friday. Finally, TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $523.94.

Parker-Hannifin Price Performance

Parker-Hannifin stock traded up $5.50 during mid-day trading on Friday, reaching $536.18. 970,079 shares of the company were exchanged, compared to its average volume of 601,506. The firm has a market cap of $68.85 billion, a PE ratio of 25.27, a PEG ratio of 1.93 and a beta of 1.51. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.49. The company has a fifty day simple moving average of $544.96 and a 200-day simple moving average of $483.92. Parker-Hannifin Co. has a 12 month low of $319.14 and a 12 month high of $570.15.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same period in the prior year, the firm posted $5.93 EPS. Parker-Hannifin’s quarterly revenue was up .3% on a year-over-year basis. As a group, equities research analysts expect that Parker-Hannifin Co. will post 24.62 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently declared 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 is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.22%. Parker-Hannifin’s dividend payout ratio (DPR) is currently 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.