Redmont Wealth Advisors LLC Takes $41,000 Position in Parker-Hannifin Co. (NYSE:PH)

Redmont Wealth Advisors LLC bought a new stake in shares of Parker-Hannifin Co. (NYSE:PH) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 74 shares of the industrial products company’s stock, valued at approximately $41,000.

Other institutional investors have also recently modified their holdings of the company. Harbor Investment Advisory LLC boosted its holdings in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after buying an additional 20 shares during the last quarter. Sachetta LLC purchased a new position in Parker-Hannifin in the 4th quarter worth approximately $25,000. Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin in the 1st quarter worth approximately $31,000. Wetzel Investment Advisors Inc. purchased a new position in Parker-Hannifin in the 4th quarter worth approximately $26,000. Finally, First United Bank & Trust purchased a new stake in shares of Parker-Hannifin during the 4th quarter valued at approximately $29,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Stifel Nicolaus reaffirmed a “buy” rating and set a $629.00 price target on shares of Parker-Hannifin in a research report on Tuesday. Wells Fargo & Company dropped their price target on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a research note on Monday, May 6th. Bank of America boosted their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Raymond James assumed coverage on shares of Parker-Hannifin in a research note on Friday, June 28th. They set an “outperform” rating and a $610.00 target price for the company. Finally, Mizuho upgraded shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $550.00 to $650.00 in a research note on Tuesday, May 28th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $569.69.

Insider Buying and Selling

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

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded up $2.11 on Wednesday, reaching $512.14. The company’s stock had a trading volume of 439,118 shares, compared to its average volume of 653,929. The stock’s 50-day moving average is $529.47 and its two-hundred day moving average is $516.93. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $570.15. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The stock has a market capitalization of $65.83 billion, a P/E ratio of 24.18, a PEG ratio of 2.09 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last announced its earnings results 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 business had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same period in the prior year, the company earned $5.93 earnings per share. The business’s revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts forecast that Parker-Hannifin Co. will post 24.85 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were issued a dividend of $1.63 per share. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.27%. The ex-dividend date was Thursday, May 9th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

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.