Mitsubishi UFJ Asset Management Co. Ltd. Raises Stake in Parker-Hannifin Co. (NYSE:PH)

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 8.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,123 shares of the industrial products company’s stock after acquiring an additional 16,034 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Parker-Hannifin were worth $133,371,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in shares of Parker-Hannifin in the 4th quarter worth about $954,000. UNIVEST FINANCIAL Corp increased its stake in Parker-Hannifin by 27.4% during the 4th quarter. UNIVEST FINANCIAL Corp now owns 5,093 shares of the industrial products company’s stock valued at $3,239,000 after purchasing an additional 1,095 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Parker-Hannifin by 5.4% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 65,367 shares of the industrial products company’s stock worth $41,575,000 after buying an additional 3,356 shares during the last quarter. Momentous Wealth Management Inc. bought a new position in shares of Parker-Hannifin in the fourth quarter worth approximately $2,556,000. Finally, Zions Bancorporation N.A. grew its holdings in shares of Parker-Hannifin by 202.9% during the fourth quarter. Zions Bancorporation N.A. now owns 103 shares of the industrial products company’s stock valued at $66,000 after buying an additional 69 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

NYSE PH opened at $626.76 on Friday. The stock has a market cap of $80.68 billion, a price-to-earnings ratio of 25.94, a PEG ratio of 2.85 and a beta of 1.50. Parker-Hannifin Co. has a 12 month low of $492.71 and a 12 month high of $718.44. The company’s 50 day moving average is $659.79 and its two-hundred day moving average is $653.92. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, beating analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. As a group, research analysts anticipate that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 7th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.04%. The ex-dividend date was Friday, February 7th. Parker-Hannifin’s dividend payout ratio is currently 26.99%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PH shares. Evercore ISI upped their price objective on Parker-Hannifin from $777.00 to $824.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Truist Financial increased their price objective on Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. UBS Group lowered their target price on shares of Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. Stifel Nicolaus boosted their price objective on shares of Parker-Hannifin from $689.00 to $691.00 and gave the company a “hold” rating in a report on Friday, January 31st. Finally, KeyCorp lifted their target price on shares of Parker-Hannifin from $775.00 to $790.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $736.65.

About Parker-Hannifin

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.