Main Street Research LLC Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Main Street Research LLC bought a new position in Parker-Hannifin Co. (NYSE:PH) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 46,603 shares of the industrial products company’s stock, valued at approximately $21,470,000.

Several other large investors also recently added to or reduced their stakes in PH. OFI Invest Asset Management bought a new stake in shares of Parker-Hannifin during the 3rd quarter worth $25,000. Baystate Wealth Management LLC raised its stake 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 valued at $27,000 after buying an additional 49 shares in the last quarter. DHJJ Financial Advisors Ltd. acquired a new position in shares of Parker-Hannifin in the 3rd quarter valued at $29,000. First Capital Advisors Group LLC. acquired a new position in shares of Parker-Hannifin in the 2nd quarter valued at $30,000. Finally, Oakworth Capital Inc. raised its stake in shares of Parker-Hannifin by 48.3% in the 3rd quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock valued at $33,000 after buying an additional 28 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Insider Activity at Parker-Hannifin

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

Wall Street Analysts Forecast Growth

PH has been the subject of a number of recent analyst reports. KeyCorp increased their target price on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Truist Financial initiated coverage on shares of Parker-Hannifin in a research report on Thursday, March 14th. They set a “buy” rating and a $602.00 target price for the company. Barclays increased their target price on shares of Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. Evercore ISI increased their target price on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Finally, Wells Fargo & Company increased their target price on shares of Parker-Hannifin from $450.00 to $510.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 19th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $515.38.

Parker-Hannifin Trading Up 0.4 %

Parker-Hannifin stock traded up $2.24 during midday trading on Tuesday, hitting $545.61. 340,894 shares of the stock were exchanged, compared to its average volume of 588,223. The company has a fifty day simple moving average of $538.46 and a two-hundred day simple moving average of $469.06. Parker-Hannifin Co. has a 52 week low of $309.89 and a 52 week high of $570.15. The stock has a market capitalization of $70.06 billion, a PE ratio of 26.90, a P/E/G 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 (NYSE:PH) last announced its earnings results on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The firm had revenue of $4.82 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same period last year, the company posted $4.76 EPS. The business’s quarterly revenue was up 3.1% on a year-over-year basis. Equities research analysts anticipate that Parker-Hannifin Co. will post 24.3 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

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 was Thursday, February 8th. This represents a $5.92 annualized dividend and a dividend yield of 1.09%. Parker-Hannifin’s dividend payout ratio is presently 29.31%.

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.