Connecticut Wealth Management LLC Buys Shares of 2,437 Parker-Hannifin Co. (NYSE:PH)

Connecticut Wealth Management LLC purchased a new stake in shares of Parker-Hannifin Co. (NYSE:PH) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,437 shares of the industrial products company’s stock, valued at approximately $1,123,000.

Several other institutional investors and hedge funds have also made changes to their positions in PH. OFI Invest Asset Management acquired a new stake in Parker-Hannifin in the third quarter worth $25,000. Wetzel Investment Advisors Inc. acquired a new stake in Parker-Hannifin in the fourth quarter worth $26,000. Baystate Wealth Management LLC increased its position in Parker-Hannifin by 233.3% in the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock worth $27,000 after buying an additional 49 shares during the period. Oakworth Capital Inc. grew its stake in shares of Parker-Hannifin by 48.3% in the third quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 28 shares in the last quarter. Finally, ORG Partners LLC bought a new position in shares of Parker-Hannifin in the fourth quarter worth $42,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Performance

NYSE PH traded up $5.50 during trading on Friday, hitting $536.18. The company’s stock had a trading volume of 970,079 shares, compared to its average volume of 601,506. The company has a quick ratio of 0.49, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The firm has a 50 day moving average price of $544.96 and a 200 day moving average price of $483.92. The firm has a market cap of $68.85 billion, a P/E ratio of 25.27, a price-to-earnings-growth ratio of 1.93 and a beta of 1.51. Parker-Hannifin Co. has a 52 week low of $319.14 and a 52 week high of $570.15.

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 the consensus estimate of $6.10 by $0.41. The company had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the business posted $5.93 EPS. Equities research analysts forecast that Parker-Hannifin Co. will post 24.62 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. Parker-Hannifin’s payout ratio is currently 27.90%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. KeyCorp increased their price target on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Evercore ISI raised their target price on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. TD Cowen raised Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their target price for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Mizuho raised their target price on Parker-Hannifin from $490.00 to $550.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Stifel Nicolaus raised their target price on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $523.94.

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.