Magnetar Financial LLC Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Magnetar Financial LLC bought a new position in Parker-Hannifin Co. (NYSE:PH) in the fourth quarter, HoldingsChannel reports. The fund bought 8,779 shares of the industrial products company’s stock, valued at approximately $5,584,000.

A number of other hedge funds have also bought and sold shares of the business. State Street Corp grew its stake in shares of Parker-Hannifin by 13.8% during the 3rd quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock valued at $3,918,696,000 after purchasing an additional 753,143 shares during the period. FMR LLC grew its stake in shares of Parker-Hannifin by 7.1% during the 3rd quarter. FMR LLC now owns 4,116,257 shares of the industrial products company’s stock valued at $2,600,733,000 after purchasing an additional 272,531 shares during the period. Geode Capital Management LLC grew its stake in shares of Parker-Hannifin by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,577,831 shares of the industrial products company’s stock valued at $1,623,689,000 after purchasing an additional 29,408 shares during the period. Wellington Management Group LLP grew its stake in shares of Parker-Hannifin by 39.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company’s stock valued at $1,249,645,000 after purchasing an additional 564,365 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Parker-Hannifin by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,593,970 shares of the industrial products company’s stock valued at $1,007,102,000 after purchasing an additional 59,432 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PH shares. Truist Financial boosted their price target on Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Jefferies Financial Group boosted 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. StockNews.com downgraded Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday. Barclays cut their price objective on Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Finally, Wells Fargo & Company boosted their price objective on Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $736.65.

Parker-Hannifin Stock Up 2.2 %

Shares of PH opened at $629.93 on Thursday. The stock has a market capitalization of $81.08 billion, a price-to-earnings ratio of 26.07, a price-to-earnings-growth ratio of 2.85 and a beta of 1.50. Parker-Hannifin Co. has a 1 year low of $492.71 and a 1 year high of $718.44. The business’s 50 day simple moving average is $661.07 and its 200-day simple moving average is $652.16. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59.

Parker-Hannifin (NYSE:PH) last issued 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%. As a group, equities analysts expect that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 7th were issued a dividend of $1.63 per share. The ex-dividend date was Friday, February 7th. This represents a $6.52 annualized dividend and a dividend yield of 1.04%. Parker-Hannifin’s dividend payout ratio (DPR) is 26.99%.

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.