Jupiter Asset Management Ltd. Purchases New Shares in Parker-Hannifin Co. (NYSE:PH)

Jupiter Asset Management Ltd. purchased a new stake in shares of Parker-Hannifin Co. (NYSE:PH) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 541 shares of the industrial products company’s stock, valued at approximately $301,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of PH. Banco Santander S.A. bought a new position in Parker-Hannifin in the 1st quarter valued at $6,038,000. Trust Investment Advisors bought a new position in shares of Parker-Hannifin during the 1st quarter worth $227,000. Great Lakes Retirement Inc. grew its position in shares of Parker-Hannifin by 60.5% during the 1st quarter. Great Lakes Retirement Inc. now owns 4,723 shares of the industrial products company’s stock worth $2,625,000 after buying an additional 1,781 shares in the last quarter. Dorsey & Whitney Trust CO LLC grew its position in shares of Parker-Hannifin by 4.9% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 882 shares of the industrial products company’s stock worth $490,000 after buying an additional 41 shares in the last quarter. Finally, Wilkins Investment Counsel Inc. bought a new position in shares of Parker-Hannifin during the 1st quarter worth $278,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Down 0.6 %

Shares of NYSE PH traded down $3.02 during midday trading on Friday, hitting $544.65. 600,474 shares of the company’s stock were exchanged, compared to its average volume of 735,546. 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 company has a market cap of $70.01 billion, a PE ratio of 25.67, a P/E/G ratio of 2.08 and a beta of 1.44. The firm’s fifty day simple moving average is $524.78 and its 200-day simple moving average is $523.10.

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

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. The ex-dividend date was Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Wall Street Analyst Weigh In

PH has been the topic of several analyst reports. Wells Fargo & Company cut their target price on Parker-Hannifin from $630.00 to $600.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 10th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their price target for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Raymond James initiated coverage on Parker-Hannifin in a research note on Friday, June 28th. They issued an “outperform” rating and a $610.00 price objective for the company. KeyCorp increased their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Bank of America upped their target price on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $576.27.

Insider Buying and Selling

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