Janney Montgomery Scott LLC Acquires 6,013 Shares of Parker-Hannifin Co. (NYSE:PH)

Janney Montgomery Scott LLC lifted its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 16.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 42,523 shares of the industrial products company’s stock after purchasing an additional 6,013 shares during the period. Janney Montgomery Scott LLC’s holdings in Parker-Hannifin were worth $23,634,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. BNP Paribas Financial Markets grew its holdings in shares of Parker-Hannifin by 28.3% during the first quarter. BNP Paribas Financial Markets now owns 140,591 shares of the industrial products company’s stock worth $78,139,000 after purchasing an additional 30,979 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of Parker-Hannifin by 72.5% during the first quarter. Blue Trust Inc. now owns 1,144 shares of the industrial products company’s stock worth $636,000 after purchasing an additional 481 shares during the last quarter. Klingman & Associates LLC bought a new position in Parker-Hannifin in the first quarter valued at about $226,000. Prosperity Consulting Group LLC boosted its holdings in Parker-Hannifin by 83.6% in the first quarter. Prosperity Consulting Group LLC now owns 1,377 shares of the industrial products company’s stock valued at $765,000 after acquiring an additional 627 shares during the last quarter. Finally, Mission Wealth Management LP bought a new position in Parker-Hannifin in the first quarter valued at about $405,000. Institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

PH has been the topic of several recent research reports. Truist Financial raised their price target on Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a report on Tuesday. Wells Fargo & Company decreased their price target on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a report on Monday, May 6th. KeyCorp raised their price target on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Raymond James assumed coverage on Parker-Hannifin in a report on Friday, June 28th. They set an “outperform” rating and a $610.00 target price on the stock. Finally, Barclays reduced their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $569.69.

Insiders Place Their Bets

In other Parker-Hannifin 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 transaction, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction that occurred 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 directly owns 1,137 shares in the company, valued at approximately $609,989.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction that occurred 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 $2,305,170. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

Parker-Hannifin Stock Down 1.4 %

Parker-Hannifin stock traded down $7.22 during midday trading on Friday, reaching $505.50. The stock had a trading volume of 548,772 shares, compared to its average volume of 743,681. The firm’s fifty day simple moving average is $527.10 and its 200-day simple moving average is $517.22. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $570.15. The stock has a market capitalization of $64.98 billion, a P/E ratio of 23.82, a price-to-earnings-growth ratio of 1.99 and a beta of 1.44. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same quarter last year, the firm earned $5.93 EPS. Parker-Hannifin’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, analysts expect that Parker-Hannifin Co. will post 24.85 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were given a dividend of $1.63 per share. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.29%. 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.