American International Group Inc. Increases Stake in Parker-Hannifin Co. (NYSE:PH)

American International Group Inc. increased its position in shares of Parker-Hannifin Co. (NYSE:PH) by 2.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 34,883 shares of the industrial products company’s stock after buying an additional 939 shares during the period. American International Group Inc.’s holdings in Parker-Hannifin were worth $16,071,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Syon Capital LLC raised its holdings in Parker-Hannifin by 7.4% during the fourth quarter. Syon Capital LLC now owns 1,057 shares of the industrial products company’s stock worth $487,000 after purchasing an additional 73 shares in the last quarter. Centaurus Financial Inc. purchased a new stake in Parker-Hannifin in the fourth quarter valued at $128,000. American Trust boosted its stake in Parker-Hannifin by 20.0% in the fourth quarter. American Trust now owns 629 shares of the industrial products company’s stock valued at $290,000 after acquiring an additional 105 shares in the last quarter. Novak & Powell Financial Services Inc. purchased a new position in shares of Parker-Hannifin during the fourth quarter worth about $848,000. Finally, Sunpointe LLC acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth about $626,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Trading Down 4.8 %

PH traded down $25.60 during trading on Friday, hitting $503.30. The company’s stock had a trading volume of 1,363,822 shares, compared to its average volume of 711,687. The stock has a market cap of $64.69 billion, a PE ratio of 23.72, a PEG ratio of 2.01 and a beta of 1.46. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $570.15. The firm’s 50 day moving average price is $539.62 and its 200-day moving average price is $510.79.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same quarter in the prior year, the company posted $5.93 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. On average, analysts expect that Parker-Hannifin Co. will post 24.84 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were given a $1.63 dividend. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend was Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PH. Wells Fargo & Company decreased their price objective on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a report on Monday, May 6th. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. Barclays dropped their price target on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Bank of America increased their price objective on Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Finally, Truist Financial reissued a “buy” rating and issued a $611.00 target price on shares of Parker-Hannifin in a report on Wednesday, May 15th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus price target of $566.33.

Insider Activity at Parker-Hannifin

In other news, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the transaction, the vice president now directly owns 1,137 shares in the company, valued at approximately $609,989.13. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jay Reidy sold 572 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is 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.