Red Cedar Investment Management LLC Grows Position in Parker-Hannifin Co. (NYSE:PH)

Red Cedar Investment Management LLC grew its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 31.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,420 shares of the industrial products company’s stock after purchasing an additional 2,265 shares during the period. Parker-Hannifin makes up about 0.6% of Red Cedar Investment Management LLC’s holdings, making the stock its 25th largest position. Red Cedar Investment Management LLC’s holdings in Parker-Hannifin were worth $4,340,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Beaumont Asset Management L.L.C. boosted its position in Parker-Hannifin by 0.8% during the fourth quarter. Beaumont Asset Management L.L.C. now owns 3,071 shares of the industrial products company’s stock worth $1,415,000 after purchasing an additional 24 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC increased its holdings in Parker-Hannifin by 0.7% during the 3rd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 3,637 shares of the industrial products company’s stock valued at $1,417,000 after acquiring an additional 25 shares in the last quarter. M&R Capital Management Inc. raised its position in Parker-Hannifin by 25.0% during the fourth quarter. M&R Capital Management Inc. now owns 125 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 25 shares during the last quarter. Private Trust Co. NA lifted its holdings in shares of Parker-Hannifin by 0.7% in the fourth quarter. Private Trust Co. NA now owns 3,755 shares of the industrial products company’s stock valued at $1,730,000 after purchasing an additional 25 shares in the last quarter. Finally, Keel Point LLC grew its position in shares of Parker-Hannifin by 3.1% in the fourth quarter. Keel Point LLC now owns 842 shares of the industrial products company’s stock valued at $388,000 after purchasing an additional 25 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Performance

NYSE:PH traded up $5.50 during midday trading on Friday, reaching $536.18. 970,079 shares of the company traded hands, compared to its average volume of 601,506. Parker-Hannifin Co. has a twelve month low of $319.14 and a twelve month high of $570.15. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.49. The company has a fifty day moving average price of $544.96 and a 200 day moving average price of $482.63. The firm has a market capitalization of $68.85 billion, a price-to-earnings ratio of 25.27, a price-to-earnings-growth ratio of 1.93 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results 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. The company had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.93 earnings per share. On average, analysts expect that Parker-Hannifin Co. will post 24.62 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. Shareholders of record on Friday, May 10th will be given a $1.63 dividend. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $6.52 annualized dividend and a yield of 1.22%. Parker-Hannifin’s payout ratio is 27.90%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PH shares. Barclays cut their target price on shares of Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating for the company in a research note on Friday. Truist Financial raised their target price on shares of Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a research report on Friday. TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $300.00 to $500.00 in a report on Friday, March 1st. Evercore ISI increased their price target on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Finally, KeyCorp upped their target price on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $523.94.

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.