Delta Investment Management LLC Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Delta Investment Management LLC purchased a new position in shares of Parker-Hannifin Co. (NYSE:PH) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 501 shares of the industrial products company’s stock, valued at approximately $231,000.

Several other large investors have also recently made changes to their positions in the business. OFI Invest Asset Management purchased a new position in shares of Parker-Hannifin in the third quarter worth $25,000. Wetzel Investment Advisors Inc. bought a new stake in Parker-Hannifin in the fourth quarter valued at $26,000. Baystate Wealth Management LLC boosted its holdings in Parker-Hannifin by 233.3% in the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 49 shares in the last quarter. Oakworth Capital Inc. boosted its holdings in Parker-Hannifin by 48.3% in the third quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 28 shares in the last quarter. Finally, ORG Partners LLC bought a new stake in Parker-Hannifin in the fourth quarter valued at $42,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PH shares. Evercore ISI lifted their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Truist Financial initiated coverage on shares of Parker-Hannifin in a report on Thursday, March 14th. They set a “buy” rating and a $602.00 target price on the stock. Stifel Nicolaus boosted their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $300.00 to $500.00 in a report on Friday, March 1st. Finally, Barclays boosted their target price on shares of Parker-Hannifin from $558.00 to $625.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average price target of $515.38.

Parker-Hannifin Stock Performance

NYSE:PH traded up $4.26 during mid-day trading on Friday, reaching $553.64. The company’s stock had a trading volume of 548,739 shares, compared to its average volume of 492,829. Parker-Hannifin Co. has a 12-month low of $312.36 and a 12-month high of $570.15. The firm’s fifty day moving average price is $543.27 and its two-hundred day moving average price is $477.71. 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 stock has a market cap of $71.09 billion, a P/E ratio of 27.40, a PEG ratio of 2.01 and a beta of 1.52.

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

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be given a dividend of $1.63 per share. The ex-dividend date is Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.18%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is presently 29.31%.

Insider Activity

In related news, VP Thomas C. Gentile sold 2,978 shares of Parker-Hannifin stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the transaction, the vice president now owns 5,465 shares in the company, valued at approximately $2,741,899.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Mark J. Hart sold 5,197 shares of the company’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $502.94, for a total value of $2,613,779.18. Following the completion of the transaction, the executive vice president now owns 7,063 shares of the company’s stock, valued at $3,552,265.22. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the completion of the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $2,741,899.80. The disclosure for this sale can be found here. Insiders sold 12,079 shares of company stock valued at $6,099,566 in the last quarter. 1.03% of the stock is currently owned by insiders.

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.