Profund Advisors LLC Purchases 297 Shares of Parker-Hannifin Co. (NYSE:PH)

Posted by Defense World Staff on Apr 23rd, 2023

Parker-Hannifin logo Profund Advisors LLC increased its stake in Parker-Hannifin Co. (NYSE:PH – Get Rating) by 26.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,426 shares of the industrial products company’s stock after purchasing an additional 297 shares during the quarter. Profund Advisors LLC’s holdings in Parker-Hannifin were worth $415,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of PH. Neuberger Berman Group LLC raised its holdings in shares of Parker-Hannifin by 1,969.7% in the 3rd quarter. Neuberger Berman Group LLC now owns 736,343 shares of the industrial products company’s stock worth $178,442,000 after purchasing an additional 700,766 shares during the period. First Trust Advisors LP raised its holdings in shares of Parker-Hannifin by 954.0% in the 3rd quarter. First Trust Advisors LP now owns 707,749 shares of the industrial products company’s stock worth $171,494,000 after purchasing an additional 640,598 shares during the period. Kestra Advisory Services LLC raised its holdings in shares of Parker-Hannifin by 10,560.6% in the 4th quarter. Kestra Advisory Services LLC now owns 606,271 shares of the industrial products company’s stock worth $176,425,000 after purchasing an additional 600,584 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Parker-Hannifin by 61.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 676,123 shares of the industrial products company’s stock worth $166,360,000 after purchasing an additional 257,251 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Parker-Hannifin by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 9,849,497 shares of the industrial products company’s stock valued at $2,794,892,000 after acquiring an additional 190,889 shares during the period. Institutional investors own 81.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PH shares. Citigroup boosted their target price on shares of Parker-Hannifin from $320.00 to $360.00 and gave the company a “neutral” rating in a report on Tuesday, February 7th. Credit Suisse Group boosted their target price on shares of Parker-Hannifin from $417.00 to $446.00 and gave the company an “outperform” rating in a report on Friday, February 3rd. Barclays boosted their target price on shares of Parker-Hannifin from $343.00 to $400.00 and gave the company an “overweight” rating in a report on Sunday, February 5th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Parker-Hannifin from $322.00 to $344.00 and gave the company a “hold” rating in a research report on Wednesday, April 12th. Finally, KeyCorp boosted their price target on shares of Parker-Hannifin from $335.00 to $390.00 and gave the company an “overweight” rating in a research report on Friday, February 3rd. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $371.08.

Parker-Hannifin Stock Up 0.5 %

Shares of NYSE:PH opened at $320.80 on Friday. Parker-Hannifin Co. has a 52-week low of $230.44 and a 52-week high of $364.57. The firm has a fifty day moving average of $334.62 and a 200 day moving average of $310.28. The firm has a market capitalization of $41.15 billion, a PE ratio of 33.14, a price-to-earnings-growth ratio of 1.38 and a beta of 1.50. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.73 and a current ratio of 1.28.

Parker-Hannifin (NYSE:PH – Get Rating) last posted its quarterly earnings results on Thursday, February 2nd. The industrial products company reported $4.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.45 by $0.31. Parker-Hannifin had a net margin of 7.33% and a return on equity of 28.23%. The business had revenue of $4.67 billion during the quarter, compared to analyst estimates of $4.44 billion. During the same period in the prior year, the business posted $4.46 earnings per share. The company’s revenue was up 22.2% on a year-over-year basis. As a group, research analysts anticipate that Parker-Hannifin Co. will post 19.7 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 10th. Shareholders of record on Friday, March 3rd were given a dividend of $1.33 per share. The ex-dividend date of this dividend was Thursday, February 9th. This represents a $5.32 annualized dividend and a yield of 1.66%. Parker-Hannifin’s payout ratio is 54.96%.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, Chairman Thomas L. Williams sold 38,098 shares of the company’s stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $352.63, for a total transaction of $13,434,497.74. Following the completion of the sale, the chairman now directly owns 229,027 shares in the company, valued at $80,761,791.01. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Chairman Thomas L. Williams sold 38,098 shares of the company’s stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $352.63, for a total transaction of $13,434,497.74. Following the completion of the transaction, the chairman now directly owns 229,027 shares of the company’s stock, valued at $80,761,791.01. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark J. Hart sold 5,950 shares of the company’s stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $343.05, for a total transaction of $2,041,147.50. Following the transaction, the executive vice president now directly owns 10,969 shares of the company’s stock, valued at $3,762,915.45. The disclosure for this sale can be found here. Insiders sold a total of 62,454 shares of company stock worth $21,706,490 over the last three months. Company insiders own 1.37% of the company’s stock.

Parker-Hannifin Profile

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Parker-Hannifin Corp. engages in the manufacture of motion and control technologies and systems. It operates through Diversified Industrial and Aerospace Systems segments. The Diversified Industrial segment sells products to both original equipment manufacturers and distributors who serve the replacement markets in manufacturing, packaging, processing, transportation, mobile construction, refrigeration and air conditioning, agricultural and military machinery, and equipment industries.