Sumitomo Life Insurance Co. Has $2.22 Million Stake in Parker-Hannifin Co. (NYSE:PH)

Sumitomo Life Insurance Co. grew its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 71.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,824 shares of the industrial products company’s stock after purchasing an additional 2,012 shares during the period. Sumitomo Life Insurance Co.’s holdings in Parker-Hannifin were worth $2,222,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PH. Louisiana State Employees Retirement System acquired a new position in Parker-Hannifin in the fourth quarter valued at about $3,593,000. Crestwood Advisors Group LLC lifted its holdings in shares of Parker-Hannifin by 7.6% during the 4th quarter. Crestwood Advisors Group LLC now owns 1,920 shares of the industrial products company’s stock worth $884,000 after acquiring an additional 135 shares during the period. Simplicity Solutions LLC boosted its position in shares of Parker-Hannifin by 2.6% during the 4th quarter. Simplicity Solutions LLC now owns 2,531 shares of the industrial products company’s stock worth $1,166,000 after acquiring an additional 64 shares in the last quarter. Graypoint LLC increased its stake in Parker-Hannifin by 13.7% in the fourth quarter. Graypoint LLC now owns 924 shares of the industrial products company’s stock valued at $426,000 after acquiring an additional 111 shares during the last quarter. Finally, Koshinski Asset Management Inc. raised its position in Parker-Hannifin by 61.6% during the fourth quarter. Koshinski Asset Management Inc. now owns 2,823 shares of the industrial products company’s stock valued at $1,301,000 after purchasing an additional 1,076 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the sale, the vice president now owns 5,465 shares of the company’s stock, valued at $2,741,899.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at $2,741,899.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark J. Hart sold 5,197 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total value of $2,613,779.18. Following the transaction, the executive vice president now owns 7,063 shares in the company, valued at $3,552,265.22. The disclosure for this sale can be found here. Insiders sold 12,079 shares of company stock valued at $6,099,566 over the last quarter. Insiders own 1.03% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PH. Stifel Nicolaus lifted their price target on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. The Goldman Sachs Group reiterated a “buy” rating and issued a $551.00 target price on shares of Parker-Hannifin in a research report on Tuesday, January 2nd. Barclays increased their target price on shares of Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a report on Tuesday, April 2nd. Truist Financial began coverage on shares of Parker-Hannifin in a report on Thursday, March 14th. They set a “buy” rating and a $602.00 price target on the stock. Finally, Evercore ISI increased their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $515.38.

Parker-Hannifin Stock Down 1.0 %

Shares of PH opened at $550.32 on Monday. The stock’s 50-day moving average price is $537.77 and its two-hundred day moving average price is $468.00. Parker-Hannifin Co. has a 12 month low of $309.89 and a 12 month high of $570.15. The company has a market capitalization of $70.67 billion, a PE ratio of 27.24, a PEG ratio of 2.01 and a beta of 1.52. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.26 by $0.89. The company had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.82 billion. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $4.76 earnings per share. On average, analysts anticipate that Parker-Hannifin Co. will post 24.3 EPS for the current year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were given a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend was Thursday, February 8th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.31%.

Parker-Hannifin Company 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.