Brookstone Capital Management Boosts Stake in Parker-Hannifin Co. (NYSE:PH)

Brookstone Capital Management raised its position in Parker-Hannifin Co. (NYSE:PH) by 8.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,544 shares of the industrial products company’s stock after purchasing an additional 345 shares during the quarter. Brookstone Capital Management’s holdings in Parker-Hannifin were worth $2,535,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Parker-Hannifin by 1.0% during the first quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock worth $5,872,694,000 after acquiring an additional 105,475 shares during the period. Norges Bank purchased a new position in shares of Parker-Hannifin during the fourth quarter worth approximately $665,188,000. Boston Partners increased its position in shares of Parker-Hannifin by 4.1% during the first quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock worth $617,878,000 after acquiring an additional 43,535 shares during the period. AMF Tjanstepension AB increased its position in shares of Parker-Hannifin by 23.0% during the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock worth $383,594,000 after acquiring an additional 141,862 shares during the period. Finally, Baird Financial Group Inc. increased its position in shares of Parker-Hannifin by 3.7% during the fourth quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock worth $320,173,000 after acquiring an additional 25,060 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Stifel Nicolaus cut their price objective on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Bank of America lifted their price objective 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. Finally, Truist Financial reissued a “buy” rating and set a $673.00 price objective (up from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $615.43.

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded down $7.44 on Friday, hitting $583.40. 577,741 shares of the company were exchanged, compared to its average volume of 669,030. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $593.28. The stock’s 50 day moving average price is $532.04 and its 200 day moving average price is $534.87. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $74.99 billion, a P/E ratio of 27.49, a price-to-earnings-growth ratio of 2.16 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, topping the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The business had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same period in the previous year, the firm posted $6.08 earnings per share. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. Sell-side analysts predict that Parker-Hannifin Co. will post 26.58 EPS for the current year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, August 28th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a yield of 1.12%. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

About Parker-Hannifin

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.