Summit Financial LLC Trims Position in Parker-Hannifin Co. (NYSE:PH)

Summit Financial LLC lessened its stake in Parker-Hannifin Co. (NYSE:PH) by 4.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,663 shares of the industrial products company’s stock after selling 136 shares during the period. Summit Financial LLC’s holdings in Parker-Hannifin were worth $1,480,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PH. Sachetta LLC acquired a new stake in Parker-Hannifin in the 4th quarter worth approximately $25,000. Wetzel Investment Advisors Inc. acquired a new stake in Parker-Hannifin in the 4th quarter worth approximately $26,000. First United Bank & Trust acquired a new stake in Parker-Hannifin in the 4th quarter worth approximately $29,000. Harbor Investment Advisory LLC boosted its stake in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 20 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Parker-Hannifin in the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PH shares. Barclays reduced their price target on shares of Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Truist Financial reissued a “buy” rating and set a $611.00 price target on shares of Parker-Hannifin in a research report on Wednesday, May 15th. Argus raised their price target on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Wells Fargo & Company cut their target price on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a report on Monday, May 6th. Finally, Bank of America lifted their target price on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $560.20.

Insider Activity

In related news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the transaction, the vice president now owns 1,137 shares in the company, valued at approximately $609,989.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Parker-Hannifin Trading Down 3.6 %

NYSE:PH traded down $19.50 during mid-day trading on Thursday, reaching $526.57. The company’s stock had a trading volume of 1,093,860 shares, compared to its average volume of 611,655. The company’s fifty day simple moving average is $548.87 and its two-hundred day simple moving average is $499.26. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. Parker-Hannifin Co. has a twelve month low of $319.14 and a twelve month high of $570.15. The stock has a market cap of $67.69 billion, a P/E ratio of 24.81, a P/E/G ratio of 2.19 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating the consensus estimate of $6.10 by $0.41. The business had revenue of $5.07 billion for the quarter, compared to analyst estimates 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 was up .3% compared to the same quarter last year. During the same period in the previous year, the company posted $5.93 EPS. On average, equities analysts predict that Parker-Hannifin Co. will post 24.82 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.24%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. Parker-Hannifin’s payout ratio is 30.73%.

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.