Dover Advisors LLC Sells 405 Shares of Parker-Hannifin Co. (NYSE:PH)

Dover Advisors LLC trimmed its stake in Parker-Hannifin Co. (NYSE:PH) by 16.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,015 shares of the industrial products company’s stock after selling 405 shares during the quarter. Parker-Hannifin accounts for 1.2% of Dover Advisors LLC’s portfolio, making the stock its 28th biggest holding. Dover Advisors LLC’s holdings in Parker-Hannifin were worth $928,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in PH. Alphinity Investment Management Pty Ltd bought a new position in shares of Parker-Hannifin during the third quarter valued at $310,208,000. FMR LLC lifted its holdings in shares of Parker-Hannifin by 9.6% during the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock valued at $1,437,096,000 after purchasing an additional 324,063 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Parker-Hannifin by 65,634.7% during the fourth quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock valued at $101,149,000 after purchasing an additional 219,220 shares in the last quarter. Envestnet Asset Management Inc. increased its position in Parker-Hannifin by 52.0% during the third quarter. Envestnet Asset Management Inc. now owns 506,406 shares of the industrial products company’s stock valued at $197,255,000 after acquiring an additional 173,323 shares during the last quarter. Finally, iA Global Asset Management Inc. purchased a new stake in Parker-Hannifin during the third quarter valued at $58,601,000. 82.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the transaction, the vice president now directly owns 5,465 shares in the company, valued at approximately $2,741,899.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Thomas C. Gentile sold 2,978 shares of Parker-Hannifin stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now directly owns 5,465 shares in the company, valued at approximately $2,741,899.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark J. Hart sold 5,197 shares of Parker-Hannifin stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $502.94, for a total value of $2,613,779.18. Following the completion of the transaction, the executive vice president now owns 7,063 shares in the company, valued at $3,552,265.22. The disclosure for this sale can be found here. Insiders have sold 12,079 shares of company stock worth $6,099,566 in the last ninety days. 1.03% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have commented on PH. Truist Financial began coverage on Parker-Hannifin in a research report on Thursday, March 14th. They issued a “buy” rating and a $602.00 price target for the company. Evercore ISI increased their target price on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $300.00 to $500.00 in a research report on Friday, March 1st. The Goldman Sachs Group reiterated a “buy” rating and set a $551.00 target price on shares of Parker-Hannifin in a research report on Tuesday, January 2nd. Finally, Stifel Nicolaus increased their target price on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average price target of $515.38.

Parker-Hannifin Trading Up 0.8 %

Shares of NYSE:PH traded up $4.26 during trading on Friday, hitting $553.64. The company had a trading volume of 548,739 shares, compared to its average volume of 492,829. The stock has a market cap of $71.09 billion, a price-to-earnings ratio of 27.41, a price-to-earnings-growth ratio of 2.03 and a beta of 1.52. Parker-Hannifin Co. has a one year low of $312.36 and a one year high of $570.15. The company has a fifty day simple moving average of $543.27 and a two-hundred day simple moving average of $478.78. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.90 and a quick ratio of 0.49.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The business had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period last year, the company earned $4.76 EPS. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, equities analysts forecast that Parker-Hannifin Co. will post 24.3 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be issued a dividend of $1.63 per share. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.18%. The ex-dividend date is Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.31%.

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.