Parker-Hannifin Co. (NYSE:PH) Holdings Lifted by Federated Hermes Inc.

Federated Hermes Inc. increased its holdings in Parker-Hannifin Co. (NYSE:PH) by 24.5% in the 4th quarter, Holdings Channel reports. The fund owned 53,999 shares of the industrial products company’s stock after purchasing an additional 10,628 shares during the period. Federated Hermes Inc.’s holdings in Parker-Hannifin were worth $34,345,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its holdings in shares of Parker-Hannifin by 6.9% during the fourth quarter. Russell Investments Group Ltd. now owns 86,003 shares of the industrial products company’s stock worth $54,707,000 after purchasing an additional 5,542 shares during the period. Wedbush Securities Inc. boosted its stake in shares of Parker-Hannifin by 22.6% during the 4th quarter. Wedbush Securities Inc. now owns 1,144 shares of the industrial products company’s stock valued at $727,000 after buying an additional 211 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Parker-Hannifin during the 4th quarter valued at $597,000. Aviva PLC increased its stake in shares of Parker-Hannifin by 38.3% in the fourth quarter. Aviva PLC now owns 58,724 shares of the industrial products company’s stock worth $37,350,000 after acquiring an additional 16,268 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth $48,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the company. KeyCorp boosted their target price on Parker-Hannifin from $775.00 to $790.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Barclays lowered their price target on Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Citigroup initiated coverage on shares of Parker-Hannifin in a research report on Friday, February 7th. They set a “buy” rating and a $795.00 price objective on the stock. Wells Fargo & Company boosted their target price on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, Wolfe Research downgraded shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $736.65.

Parker-Hannifin Stock Up 2.7 %

PH opened at $531.20 on Tuesday. Parker-Hannifin Co. has a 1-year low of $488.45 and a 1-year high of $718.44. The business has a 50 day moving average of $646.55 and a 200-day moving average of $653.92. The stock has a market capitalization of $68.38 billion, a price-to-earnings ratio of 21.99, a P/E/G ratio of 2.85 and a beta of 1.39. 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 posted its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, topping the consensus estimate 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, sell-side analysts anticipate that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were issued a $1.63 dividend. The ex-dividend date was Friday, February 7th. This represents a $6.52 annualized dividend and a yield of 1.23%. Parker-Hannifin’s dividend payout ratio (DPR) is 26.99%.

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.