Townsend Asset Management Corp NC ADV Purchases 774 Shares of Parker-Hannifin Co. (NYSE:PH)

Townsend Asset Management Corp NC ADV increased its position in Parker-Hannifin Co. (NYSE:PH) by 14.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,099 shares of the industrial products company’s stock after buying an additional 774 shares during the quarter. Parker-Hannifin accounts for 1.4% of Townsend Asset Management Corp NC ADV’s portfolio, making the stock its 20th largest position. Townsend Asset Management Corp NC ADV’s holdings in Parker-Hannifin were worth $3,879,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PH. State Street Corp grew its stake in shares of Parker-Hannifin by 13.8% during the third quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock valued at $3,918,696,000 after buying an additional 753,143 shares during the last quarter. FMR LLC grew its position in Parker-Hannifin by 7.1% during the 3rd quarter. FMR LLC now owns 4,116,257 shares of the industrial products company’s stock worth $2,600,733,000 after acquiring an additional 272,531 shares during the last quarter. Geode Capital Management LLC increased its stake in Parker-Hannifin by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,577,831 shares of the industrial products company’s stock worth $1,623,689,000 after purchasing an additional 29,408 shares during the period. Wellington Management Group LLP lifted its position in Parker-Hannifin by 39.9% in the third quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company’s stock valued at $1,249,645,000 after purchasing an additional 564,365 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Parker-Hannifin by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,593,970 shares of the industrial products company’s stock valued at $1,007,102,000 after purchasing an additional 59,432 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Up 2.6 %

NYSE:PH opened at $640.86 on Thursday. Parker-Hannifin Co. has a 1-year low of $492.71 and a 1-year high of $718.44. The company has a market capitalization of $82.49 billion, a PE ratio of 26.53, a P/E/G ratio of 2.85 and a beta of 1.45. The firm’s 50-day moving average price is $665.45 and its 200-day moving average price is $650.27. 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 (NYSE:PH) last announced its earnings results 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%. On average, equities analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 7th will be paid a $1.63 dividend. The ex-dividend date is Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.02%. Parker-Hannifin’s dividend payout ratio is currently 26.99%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PH shares. TD Cowen upped their price target on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Truist Financial upped 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. KeyCorp raised their target price on Parker-Hannifin from $775.00 to $790.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Jefferies Financial Group boosted their price target on Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Stifel Nicolaus increased their price objective on Parker-Hannifin from $689.00 to $691.00 and gave the stock a “hold” rating in a report on Friday, January 31st. Two research 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $739.06.

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.