Mission Wealth Management LP Invests $405,000 in Parker-Hannifin Co. (NYSE:PH)

Mission Wealth Management LP purchased a new position in shares of Parker-Hannifin Co. (NYSE:PH) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 729 shares of the industrial products company’s stock, valued at approximately $405,000.

Several other hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $665,188,000. Alphinity Investment Management Pty Ltd boosted its holdings in shares of Parker-Hannifin by 42.2% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock valued at $521,861,000 after buying an additional 336,370 shares during the last quarter. Kodai Capital Management LP acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $122,449,000. International Assets Investment Management LLC boosted its holdings in shares of Parker-Hannifin by 65,634.7% in the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock valued at $101,149,000 after buying an additional 219,220 shares during the last quarter. Finally, Groupama Asset Managment acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $63,043,000. 82.44% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of Parker-Hannifin 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 owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin 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 owns 4,200 shares in the company, valued at $2,305,170. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the transaction, 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 owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PH shares. Argus increased their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a report on Monday, May 6th. Wells Fargo & Company cut their price target on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a report on Monday, May 6th. KeyCorp raised their price target on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Bank of America raised their price target on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Finally, Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and raised their price target for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $569.69.

Parker-Hannifin Price Performance

Shares of NYSE PH traded down $7.22 during mid-day trading on Friday, reaching $505.50. The company had a trading volume of 548,772 shares, compared to its average volume of 743,681. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $570.15. The firm has a market cap of $64.98 billion, a price-to-earnings ratio of 23.82, a PEG ratio of 1.99 and a beta of 1.44. The business’s 50-day simple moving average is $527.10 and its 200 day simple moving average is $517.22.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter last year, the business earned $5.93 earnings per share. Parker-Hannifin’s revenue was up .3% on a year-over-year basis. On average, research analysts predict that Parker-Hannifin Co. will post 24.85 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

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

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.