Exchange Traded Concepts LLC Grows Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Exchange Traded Concepts LLC grew its holdings in Parker-Hannifin Co. (NYSE:PH) by 28.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,072 shares of the industrial products company’s stock after acquiring an additional 1,125 shares during the period. Exchange Traded Concepts LLC’s holdings in Parker-Hannifin were worth $3,083,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. HUB Investment Partners LLC boosted its holdings in shares of Parker-Hannifin by 15.7% in the 4th quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company’s stock valued at $4,960,000 after acquiring an additional 1,057 shares during the last quarter. Congress Wealth Management LLC DE lifted its stake in shares of Parker-Hannifin by 67.8% in the 4th quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company’s stock valued at $29,135,000 after purchasing an additional 18,503 shares during the period. Washington Trust Bank lifted its stake in shares of Parker-Hannifin by 3,019.5% in the 4th quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company’s stock valued at $9,881,000 after purchasing an additional 15,037 shares during the period. Ascent Wealth Partners LLC acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at $1,216,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Parker-Hannifin by 7.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,294 shares of the industrial products company’s stock valued at $42,801,000 after purchasing an additional 4,668 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $661.66 on Tuesday. The firm has a 50-day simple moving average of $631.16 and a 200-day simple moving average of $643.49. The stock has a market capitalization of $84.55 billion, a price-to-earnings ratio of 27.39, a price-to-earnings-growth ratio of 2.85 and a beta of 1.34. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. Parker-Hannifin Co. has a 52 week low of $488.45 and a 52 week high of $718.44.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. The business had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $6.51 earnings per share. On average, equities analysts predict that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a $1.80 dividend. The ex-dividend date was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.09%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s dividend payout ratio is currently 27.72%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PH shares. Wall Street Zen cut shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Stifel Nicolaus boosted their target price on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a “hold” rating in a research note on Monday, June 2nd. Truist Financial decreased their target price on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Morgan Stanley started coverage on shares of Parker-Hannifin in a research note on Thursday, June 5th. They issued an “equal weight” rating and a $700.00 target price for the company. Finally, Evercore ISI boosted their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a research note on Monday, May 19th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $719.71.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the sale, the vice president now owns 2,083 shares of the company’s stock, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.39% of the stock is currently owned by insiders.

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.