Elevation Point Wealth Partners LLC Grows Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Elevation Point Wealth Partners LLC raised its position in shares of Parker-Hannifin Co. (NYSE:PH) by 2.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,014 shares of the industrial products company’s stock after acquiring an additional 26 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Parker-Hannifin were worth $616,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Whipplewood Advisors LLC purchased a new stake in Parker-Hannifin in the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd purchased a new stake in Parker-Hannifin in the fourth quarter worth about $25,000. Millstone Evans Group LLC purchased a new stake in Parker-Hannifin in the fourth quarter worth about $30,000. Mpwm Advisory Solutions LLC purchased a new stake in Parker-Hannifin in the fourth quarter worth about $32,000. Finally, Kestra Investment Management LLC purchased a new stake in Parker-Hannifin in the fourth quarter worth about $40,000. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $653.73 on Monday. The stock has a market capitalization of $83.53 billion, a price-to-earnings ratio of 27.06, a PEG ratio of 2.85 and a beta of 1.34. Parker-Hannifin Co. has a 12 month low of $488.45 and a 12 month high of $718.44. The firm’s 50 day simple moving average is $628.39 and its 200-day simple moving average is $643.77. 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 released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The firm had revenue of $4.96 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter last year, the company earned $6.51 EPS. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. Analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were paid a $1.80 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.10%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s dividend payout ratio (DPR) is currently 27.72%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research report on Friday, May 16th. Morgan Stanley assumed coverage on shares of Parker-Hannifin in a research report on Thursday, June 5th. They set an “equal weight” rating and a $700.00 price target for the company. Stifel Nicolaus increased their price target on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a “hold” rating in a research report on Monday, June 2nd. Truist Financial decreased their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Finally, Citigroup decreased their price objective on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $719.71.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, the vice president now owns 2,083 shares in the company, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.39% of the stock is currently owned by insiders.

About Parker-Hannifin

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.