Prosperity Consulting Group LLC Boosts Position in Parker-Hannifin Co. (NYSE:PH)

Prosperity Consulting Group LLC raised its stake in Parker-Hannifin Co. (NYSE:PH) by 59.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,198 shares of the industrial products company’s stock after acquiring an additional 821 shares during the period. Prosperity Consulting Group LLC’s holdings in Parker-Hannifin were worth $1,112,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PH. Sachetta LLC acquired a new stake in Parker-Hannifin during the 4th quarter worth $25,000. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin during the second quarter worth about $25,000. Harbor Investment Advisory LLC increased its position in shares of Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 20 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in shares of Parker-Hannifin in the 4th quarter valued at about $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin during the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Up 0.6 %

Parker-Hannifin stock opened at $591.33 on Friday. The stock’s 50 day moving average price is $562.14 and its 200 day moving average price is $545.02. The company has a market cap of $76.05 billion, a PE ratio of 27.87, a price-to-earnings-growth ratio of 2.37 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $601.30.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The business had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same period in the prior year, the company posted $6.08 EPS. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, sell-side analysts predict that Parker-Hannifin Co. will post 26.67 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Insider Buying and Selling

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the sale, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PH shares. Barclays reduced their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Evercore ISI upped their price target on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Robert W. Baird raised their price objective on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Truist Financial reaffirmed a “buy” rating and issued a $673.00 target price (up from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Finally, Raymond James raised their price target on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Parker-Hannifin has an average rating of “Moderate Buy” and an average price target of $624.43.

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.