Heirloom Wealth Management Boosts Holdings in Parker-Hannifin Co. (NYSE:PH)

Heirloom Wealth Management raised its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 2.5% during the fourth quarter, HoldingsChannel reports. The firm owned 14,449 shares of the industrial products company’s stock after purchasing an additional 352 shares during the quarter. Parker-Hannifin makes up about 2.6% of Heirloom Wealth Management’s investment portfolio, making the stock its 14th largest position. Heirloom Wealth Management’s holdings in Parker-Hannifin were worth $6,657,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of PH. Cetera Advisor Networks LLC increased its stake in Parker-Hannifin by 8.1% during the 1st quarter. Cetera Advisor Networks LLC now owns 1,496 shares of the industrial products company’s stock valued at $425,000 after purchasing an additional 112 shares in the last quarter. Panagora Asset Management Inc. increased its stake in Parker-Hannifin by 69.8% during the 1st quarter. Panagora Asset Management Inc. now owns 3,869 shares of the industrial products company’s stock valued at $1,098,000 after purchasing an additional 1,591 shares in the last quarter. Prudential PLC acquired a new position in Parker-Hannifin during the 1st quarter valued at approximately $687,000. Moors & Cabot Inc. increased its stake in Parker-Hannifin by 270.8% during the 1st quarter. Moors & Cabot Inc. now owns 2,718 shares of the industrial products company’s stock valued at $771,000 after purchasing an additional 1,985 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Parker-Hannifin by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 9,849,497 shares of the industrial products company’s stock valued at $2,794,892,000 after purchasing an additional 190,889 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Transactions at Parker-Hannifin

In other news, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at $2,741,899.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at $2,741,899.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Andrew D. Ross sold 3,904 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at $6,693,299.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,079 shares of company stock valued at $6,099,566. Corporate insiders own 1.03% of the company’s stock.

Analyst Ratings Changes

PH has been the topic of a number of recent analyst reports. Stifel Nicolaus upped their price target 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. The Goldman Sachs Group reiterated a “buy” rating and issued a $551.00 price objective on shares of Parker-Hannifin in a research note on Tuesday, January 2nd. KeyCorp increased their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. Finally, Barclays increased their price objective on shares of Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $515.38.

Parker-Hannifin Price Performance

PH traded down $3.44 during midday trading on Friday, hitting $534.65. 555,682 shares of the company traded hands, compared to its average volume of 588,531. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $68.65 billion, a price-to-earnings ratio of 26.47, a PEG ratio of 1.98 and a beta of 1.52. Parker-Hannifin Co. has a 52-week low of $309.89 and a 52-week high of $570.15. The business has a 50 day simple moving average of $540.36 and a two-hundred day simple moving average of $472.15.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.26 by $0.89. The business had revenue of $4.82 billion for the quarter, compared to the consensus estimate of $4.82 billion. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The company’s revenue was up 3.1% compared to the same quarter last year. During the same period last year, the firm posted $4.76 earnings per share. On average, equities analysts forecast that Parker-Hannifin Co. will post 24.3 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were issued a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend was Thursday, February 8th. Parker-Hannifin’s payout ratio is 29.31%.

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.