Red Cedar Investment Management LLC Has $4.34 Million Position in Parker-Hannifin Co. (NYSE:PH)

Red Cedar Investment Management LLC grew its stake in Parker-Hannifin Co. (NYSE:PH) by 31.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 9,420 shares of the industrial products company’s stock after purchasing an additional 2,265 shares during the quarter. Parker-Hannifin makes up 0.6% of Red Cedar Investment Management LLC’s holdings, making the stock its 25th largest holding. Red Cedar Investment Management LLC’s holdings in Parker-Hannifin were worth $4,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of PH. FMR LLC lifted its stake in Parker-Hannifin by 9.6% in 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 acquiring an additional 324,063 shares during the last quarter. Invesco Ltd. grew its holdings in Parker-Hannifin by 1.8% during the third quarter. Invesco Ltd. now owns 2,911,452 shares of the industrial products company’s stock worth $1,134,069,000 after purchasing an additional 52,739 shares during the period. Northern Trust Corp increased its position in Parker-Hannifin by 2.9% during the third quarter. Northern Trust Corp now owns 1,310,125 shares of the industrial products company’s stock worth $510,320,000 after buying an additional 36,744 shares during the last quarter. Alphinity Investment Management Pty Ltd raised its stake in Parker-Hannifin by 42.2% in the fourth 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 period. Finally, Kestra Advisory Services LLC lifted its position in shares of Parker-Hannifin by 7.4% in the third quarter. Kestra Advisory Services LLC now owns 626,760 shares of the industrial products company’s stock valued at $244,136,000 after buying an additional 43,059 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PH shares. Barclays decreased their target price on Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating on the stock in a report on Friday. KeyCorp increased their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Truist Financial lifted their target price on shares of Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a report on Friday. Mizuho increased their price target on shares of Parker-Hannifin from $490.00 to $550.00 and gave the company a “neutral” rating in a report on Friday. Finally, TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $523.94.

Parker-Hannifin Price Performance

Shares of PH traded up $5.50 during trading hours on Friday, hitting $536.18. 970,079 shares of the company were exchanged, compared to its average volume of 601,506. The company has a market cap of $68.85 billion, a price-to-earnings ratio of 25.27, a P/E/G ratio of 1.93 and a beta of 1.51. The firm’s fifty day moving average is $544.96 and its 200 day moving average is $482.63. Parker-Hannifin Co. has a fifty-two week low of $319.14 and a fifty-two week high of $570.15. The company has a quick ratio of 0.49, a current ratio of 0.87 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating the consensus estimate of $6.10 by $0.41. The business had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $5.93 earnings per share. On average, equities analysts anticipate that Parker-Hannifin Co. will post 24.62 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

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

Parker-Hannifin Company 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.