Grimes & Company Inc. Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Grimes & Company Inc. bought a new position in shares of Parker-Hannifin Co. (NYSE:PH) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 381 shares of the industrial products company’s stock, valued at approximately $212,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harbor Investment Advisory LLC grew its position in 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 buying an additional 20 shares during the period. Sachetta LLC purchased a new stake in shares of Parker-Hannifin in the fourth quarter valued at about $25,000. Northwest Investment Counselors LLC purchased a new stake in shares of Parker-Hannifin in the first quarter valued at about $31,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Parker-Hannifin in the fourth quarter valued at about $26,000. Finally, First United Bank & Trust purchased a new stake in shares of Parker-Hannifin in the fourth quarter valued at about $29,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Parker-Hannifin

In related news, VP Berend Bracht sold 1,079 shares of the firm’s 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 completion of the sale, the vice president now directly owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 in the company, valued at approximately $609,989.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 owns 4,200 shares in the company, 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 Trading Up 0.3 %

NYSE:PH traded up $1.59 during trading hours on Friday, reaching $505.81. 2,809,368 shares of the company were exchanged, compared to its average volume of 748,323. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The firm has a market cap of $65.02 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 2.02 and a beta of 1.46. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $570.15. The stock has a 50 day simple moving average of $531.05 and a 200 day simple moving average of $515.68.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data 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 net margin of 13.95% and a return on equity of 29.40%. 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 prior year, the business earned $5.93 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. As a group, analysts predict that Parker-Hannifin Co. will post 24.85 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were given a $1.63 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.29%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

Wall Street Analysts Forecast Growth

PH has been the topic of several recent research reports. Argus upped their price target on shares of Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a report on Monday, May 6th. Wells Fargo & Company reduced their price target on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a report on Monday, May 6th. Barclays reduced their price objective on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Finally, Raymond James started coverage on shares of Parker-Hannifin in a research note on Friday. They set an “outperform” rating and a $610.00 price objective on the stock. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $569.06.

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.