Advisors Asset Management Inc. Boosts Position in Parker-Hannifin Co. (NYSE:PH)

Advisors Asset Management Inc. lifted its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 45.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,232 shares of the industrial products company’s stock after acquiring an additional 3,499 shares during the quarter. Advisors Asset Management Inc.’s holdings in Parker-Hannifin were worth $7,144,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Whipplewood Advisors LLC purchased a new stake in shares of Parker-Hannifin in the 4th quarter worth about $25,000. Prestige Wealth Management Group LLC lifted its holdings in Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after buying an additional 25 shares during the period. Bank of New Hampshire bought a new stake in Parker-Hannifin during the 4th quarter valued at approximately $35,000. Kestra Investment Management LLC purchased a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $40,000. Finally, Hager Investment Management Services LLC bought a new position in shares of Parker-Hannifin in the 4th quarter worth approximately $44,000. Institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Wells Fargo & Company upped their price target on Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Wolfe Research upgraded shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price target for the company in a research note on Thursday, December 12th. Citigroup began coverage on shares of Parker-Hannifin in a research report on Friday, February 7th. They set a “buy” rating and a $795.00 price target for the company. Truist Financial upped their price objective on shares of Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, StockNews.com upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, February 8th. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus target price of $736.65.

Parker-Hannifin Price Performance

PH opened at $615.86 on Wednesday. The company’s 50-day simple moving average is $661.29 and its two-hundred day simple moving average is $652.32. Parker-Hannifin Co. has a 52-week low of $492.71 and a 52-week high of $718.44. The stock has a market capitalization of $79.27 billion, a P/E ratio of 25.49, a P/E/G ratio of 2.85 and a beta of 1.50. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, beating analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. As a group, analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date was Friday, February 7th. Parker-Hannifin’s dividend payout ratio is 26.99%.

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.