CIBC Asset Management Inc Purchases 895 Shares of Parker-Hannifin Co. (NYSE:PH)

CIBC Asset Management Inc grew its position in shares of Parker-Hannifin Co. (NYSE:PH) by 4.8% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 19,677 shares of the industrial products company’s stock after buying an additional 895 shares during the quarter. CIBC Asset Management Inc’s holdings in Parker-Hannifin were worth $12,515,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Prestige Wealth Management Group LLC lifted its position in shares of Parker-Hannifin by 83.3% during the 3rd 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 in the last quarter. Bank of New Hampshire purchased a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $35,000. Northwest Investment Counselors LLC purchased a new stake in shares of Parker-Hannifin during the 3rd quarter worth approximately $39,000. Hager Investment Management Services LLC purchased a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $44,000. Finally, Retirement Wealth Solutions LLC purchased a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $47,000. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Down 0.9 %

PH opened at $694.13 on Wednesday. The company has a fifty day moving average price of $664.75 and a 200-day moving average price of $641.55. The firm has a market capitalization of $89.35 billion, a P/E ratio of 28.73, a price-to-earnings-growth ratio of 2.84 and a beta of 1.45. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59. Parker-Hannifin Co. has a one year low of $492.71 and a one year high of $718.44.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 EPS 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%. Equities research analysts expect that Parker-Hannifin Co. will post 26.67 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 7th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date is Friday, February 7th. Parker-Hannifin’s dividend payout ratio is currently 26.99%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. 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. UBS Group decreased their price target on shares of Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Jefferies Financial Group raised their price target on shares of Parker-Hannifin from $765.00 to $810.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Wells Fargo & Company raised their price target on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Truist Financial lifted their price objective on shares of Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Two analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus target price of $729.18.

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.