Apollon Wealth Management LLC Grows Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Apollon Wealth Management LLC raised its stake in Parker-Hannifin Co. (NYSE:PH) by 46.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 5,660 shares of the industrial products company’s stock after buying an additional 1,793 shares during the period. Apollon Wealth Management LLC’s holdings in Parker-Hannifin were worth $2,608,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PH. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Parker-Hannifin by 6.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,732 shares of the industrial products company’s stock valued at $22,877,000 after buying an additional 3,347 shares during the period. Brighton Jones LLC lifted its position in shares of Parker-Hannifin by 7.7% in the 3rd quarter. Brighton Jones LLC now owns 1,237 shares of the industrial products company’s stock worth $482,000 after purchasing an additional 88 shares during the period. Baystate Wealth Management LLC lifted its position in shares of Parker-Hannifin by 233.3% in the 3rd quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 49 shares during the period. IFM Investors Pty Ltd lifted its position in shares of Parker-Hannifin by 4.4% in the 3rd quarter. IFM Investors Pty Ltd now owns 25,427 shares of the industrial products company’s stock worth $9,904,000 after purchasing an additional 1,077 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Parker-Hannifin by 10.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 508,680 shares of the industrial products company’s stock worth $198,141,000 after purchasing an additional 47,845 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded down $0.65 during midday trading on Tuesday, reaching $550.14. The company’s stock had a trading volume of 475,443 shares, compared to its average volume of 605,391. The firm has a market capitalization of $70.64 billion, a PE ratio of 26.15, a P/E/G ratio of 1.94 and a beta of 1.51. Parker-Hannifin Co. has a twelve month low of $319.14 and a twelve month high of $570.15. The stock has a fifty day moving average of $545.36 and a 200 day moving average of $485.16. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. The firm had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.93 earnings per share. On average, equities analysts expect that Parker-Hannifin Co. will post 24.62 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be paid a $1.63 dividend. The ex-dividend date is Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.19%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is presently 27.90%.

Wall Street Analyst Weigh In

PH has been the subject of several research reports. Barclays lowered their price target on shares of Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating for the company in a research report on Friday. Truist Financial upped their price target on shares of Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a research report on Friday. Mizuho increased their target price on shares of Parker-Hannifin from $490.00 to $550.00 and gave the company a “neutral” rating in a research report on Friday. Stifel Nicolaus increased their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Finally, Wells Fargo & Company decreased their target price on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a research report on Monday. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $539.56.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the sale, the vice president now owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the transaction, the vice president now directly owns 1,137 shares of the company’s stock, valued at $609,989.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Berend Bracht sold 1,079 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the transaction, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is owned by company 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.