Janney Montgomery Scott LLC Has $23.63 Million Holdings in Parker-Hannifin Co. (NYSE:PH)

Janney Montgomery Scott LLC raised its holdings in Parker-Hannifin Co. (NYSE:PH) by 16.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,523 shares of the industrial products company’s stock after acquiring an additional 6,013 shares during the period. Janney Montgomery Scott LLC’s holdings in Parker-Hannifin were worth $23,634,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BNP Paribas Financial Markets grew its stake in Parker-Hannifin by 28.3% in the first quarter. BNP Paribas Financial Markets now owns 140,591 shares of the industrial products company’s stock valued at $78,139,000 after acquiring an additional 30,979 shares during the period. Blue Trust Inc. boosted its position in shares of Parker-Hannifin by 72.5% during the first quarter. Blue Trust Inc. now owns 1,144 shares of the industrial products company’s stock worth $636,000 after buying an additional 481 shares during the period. Klingman & Associates LLC acquired a new position in shares of Parker-Hannifin during the first quarter worth about $226,000. Prosperity Consulting Group LLC boosted its position in shares of Parker-Hannifin by 83.6% during the first quarter. Prosperity Consulting Group LLC now owns 1,377 shares of the industrial products company’s stock worth $765,000 after buying an additional 627 shares during the period. Finally, Mission Wealth Management LP acquired a new position in shares of Parker-Hannifin during the first quarter worth about $405,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Parker-Hannifin Trading Down 1.4 %

NYSE PH traded down $7.22 during trading on Friday, hitting $505.50. 548,772 shares of the company’s stock traded hands, compared to its average volume of 743,681. The stock has a fifty day moving average of $527.10 and a two-hundred day moving average of $517.22. 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 12-month low of $362.49 and a 12-month high of $570.15. The firm has a market cap of $64.98 billion, a P/E ratio of 23.82, a PEG ratio of 1.99 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.10 by $0.41. The business 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%. The company’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $5.93 earnings per share. As a group, sell-side analysts expect that Parker-Hannifin Co. will post 24.85 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s payout ratio is 30.73%.

Analyst Ratings Changes

Several research firms have recently weighed in on PH. Raymond James began coverage on Parker-Hannifin in a research report on Friday, June 28th. They set an “outperform” rating and a $610.00 price objective for the company. Bank of America upped their target price on Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Truist Financial upped their target price on Parker-Hannifin from $611.00 to $621.00 and gave the stock a “buy” rating in a report on Tuesday. Stifel Nicolaus restated a “buy” rating and issued a $629.00 price objective on shares of Parker-Hannifin in a research note on Tuesday. Finally, Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their target price for the company from $550.00 to $650.00 in a research report 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $569.69.

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.