Essex Financial Services Inc. Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Essex Financial Services Inc. purchased a new stake in Parker-Hannifin Co. (NYSE:PH) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 517 shares of the industrial products company’s stock, valued at approximately $238,000.

A number of other institutional investors also recently modified their holdings of PH. Sapient Capital LLC acquired a new position in Parker-Hannifin during the fourth quarter worth about $1,392,000. abrdn plc increased its position in Parker-Hannifin by 57.8% during the 4th quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock worth $25,247,000 after purchasing an additional 20,073 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in Parker-Hannifin during the 4th quarter worth approximately $3,305,000. 17 Capital Partners LLC bought a new position in Parker-Hannifin in the 4th quarter valued at approximately $2,271,000. Finally, HMS Capital Management LLC acquired a new stake in Parker-Hannifin in the fourth quarter valued at approximately $1,225,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on PH shares. Barclays dropped their price target on Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating for the company in a research note on Friday. Evercore ISI lifted their price target on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Stifel Nicolaus upped their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Mizuho lifted their target price on shares of Parker-Hannifin from $490.00 to $550.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $523.94.

Parker-Hannifin Trading Up 1.0 %

Shares of PH stock opened at $536.18 on Friday. Parker-Hannifin Co. has a fifty-two week low of $319.14 and a fifty-two week high of $570.15. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.49 and a current ratio of 0.87. The stock has a 50 day simple moving average of $544.96 and a two-hundred day simple moving average of $482.63. The company has a market cap of $68.85 billion, a P/E ratio of 25.27, a PEG ratio of 1.93 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating the consensus estimate of $6.10 by $0.41. The company had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. Parker-Hannifin’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.93 EPS. Research analysts forecast that Parker-Hannifin Co. will post 24.62 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be paid a $1.63 dividend. The ex-dividend date is Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a dividend yield of 1.22%. Parker-Hannifin’s dividend payout ratio (DPR) is currently 27.90%.

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.