Axxcess Wealth Management LLC Buys 445 Shares of Parker-Hannifin Co. (NYSE:PH)

Axxcess Wealth Management LLC grew its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 45.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,429 shares of the industrial products company’s stock after purchasing an additional 445 shares during the period. Axxcess Wealth Management LLC’s holdings in Parker-Hannifin were worth $658,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Sapient Capital LLC bought a new stake in shares of Parker-Hannifin during the 4th quarter valued at $1,392,000. abrdn plc lifted its position in Parker-Hannifin by 57.8% during the 4th quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock valued at $25,247,000 after acquiring an additional 20,073 shares during the period. Turtle Creek Wealth Advisors LLC bought a new stake in Parker-Hannifin during the fourth quarter worth about $3,305,000. 17 Capital Partners LLC purchased a new stake in Parker-Hannifin in the fourth quarter worth about $2,271,000. Finally, HMS Capital Management LLC bought a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $1,225,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analyst Ratings Changes

PH has been the topic of several recent research reports. Stifel Nicolaus upped their price target on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Barclays cut their target price on Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Truist Financial lifted their price target on Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $300.00 to $500.00 in a research report on Friday, March 1st. Finally, Evercore ISI raised their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $539.56.

Parker-Hannifin Trading Down 0.1 %

NYSE:PH opened at $550.14 on Wednesday. The company has a market cap of $70.64 billion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 1.94 and a beta of 1.51. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The company has a 50 day simple moving average of $545.73 and a two-hundred day simple moving average of $486.41. Parker-Hannifin Co. has a 12 month low of $319.14 and a 12 month high of $570.15.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 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 during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the previous year, the company posted $5.93 earnings per share. Parker-Hannifin’s revenue was up .3% compared to the same quarter last year. Research analysts forecast that Parker-Hannifin Co. will post 24.62 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be given a dividend of $1.63 per share. The ex-dividend date is Thursday, May 9th. This represents a $6.52 annualized dividend 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%.

Insider Transactions at Parker-Hannifin

In other news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin 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 owns 4,200 shares in the company, valued at approximately $2,305,170. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction that occurred 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 approximately $609,989.13. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

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.