NewEdge Wealth LLC Boosts Stock Position in Parker-Hannifin Co. (NYSE:PH)

NewEdge Wealth LLC increased its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 9.9% in the fourth quarter, HoldingsChannel reports. The firm owned 12,020 shares of the industrial products company’s stock after buying an additional 1,086 shares during the quarter. NewEdge Wealth LLC’s holdings in Parker-Hannifin were worth $7,645,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Parker-Hannifin by 13.8% in the 3rd quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock worth $3,918,696,000 after buying an additional 753,143 shares during the last quarter. Wellington Management Group LLP boosted its stake in Parker-Hannifin by 39.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company’s stock worth $1,249,645,000 after buying an additional 564,365 shares during the last quarter. World Investment Advisors LLC acquired a new stake in Parker-Hannifin in the 3rd quarter worth about $226,570,000. Mizuho Securities USA LLC lifted its stake in shares of Parker-Hannifin by 3,566.4% in the 3rd quarter. Mizuho Securities USA LLC now owns 363,302 shares of the industrial products company’s stock valued at $229,541,000 after purchasing an additional 353,393 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Parker-Hannifin by 176.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 438,126 shares of the industrial products company’s stock valued at $278,661,000 after purchasing an additional 279,480 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

PH stock opened at $655.12 on Friday. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. Parker-Hannifin Co. has a 52-week low of $492.71 and a 52-week high of $718.44. The stock’s 50 day moving average is $665.73 and its two-hundred day moving average is $647.90. The company has a market capitalization of $84.33 billion, a PE ratio of 27.12, a P/E/G ratio of 2.85 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. Analysts predict that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $6.52 annualized dividend and a yield of 1.00%. Parker-Hannifin’s dividend payout ratio is presently 26.99%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PH shares. Jefferies Financial Group lifted their price objective on Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Barclays reduced their price objective on Parker-Hannifin from $800.00 to $791.00 and set an “overweight” rating on the stock in a research note on Friday, January 31st. Robert W. Baird lifted their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Truist Financial lifted their price objective on Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Evercore ISI lifted their price objective on Parker-Hannifin from $777.00 to $824.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $739.06.

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.