Cypress Asset Management Inc. TX Purchases New Shares in Parker-Hannifin Co. (NYSE:PH)

Cypress Asset Management Inc. TX purchased a new stake in Parker-Hannifin Co. (NYSE:PH) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,946 shares of the industrial products company’s stock, valued at approximately $1,357,000.

Several other institutional investors and hedge funds have also modified their holdings of PH. SageView Advisory Group LLC raised its holdings in Parker-Hannifin by 109.1% in the 3rd quarter. SageView Advisory Group LLC now owns 1,510 shares of the industrial products company’s stock valued at $588,000 after buying an additional 788 shares during the last quarter. Berger Financial Group Inc bought a new position in Parker-Hannifin in the 3rd quarter valued at approximately $201,000. US Bancorp DE raised its holdings in Parker-Hannifin by 4.7% in the 3rd quarter. US Bancorp DE now owns 79,481 shares of the industrial products company’s stock valued at $30,960,000 after buying an additional 3,604 shares during the last quarter. Corient Private Wealth LLC raised its holdings in Parker-Hannifin by 24.3% in the 3rd quarter. Corient Private Wealth LLC now owns 141,218 shares of the industrial products company’s stock valued at $55,009,000 after buying an additional 27,633 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in Parker-Hannifin by 4.3% in the 3rd quarter. Signaturefd LLC now owns 2,327 shares of the industrial products company’s stock valued at $906,000 after buying an additional 96 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Stock Performance

NYSE:PH traded down $19.50 on Thursday, hitting $526.57. The stock had a trading volume of 1,117,587 shares, compared to its average volume of 611,655. Parker-Hannifin Co. has a 52-week low of $319.14 and a 52-week high of $570.15. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The stock has a market cap of $67.69 billion, a price-to-earnings ratio of 24.86, a price-to-earnings-growth ratio of 2.19 and a beta of 1.51. The business’s 50-day simple moving average is $549.07 and its two-hundred day simple moving average is $499.07.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same period in the previous year, the firm earned $5.93 EPS. The business’s quarterly revenue was up .3% on a year-over-year basis. As a group, research analysts predict that Parker-Hannifin Co. will post 24.82 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently announced 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 represents a $6.52 annualized dividend and a dividend yield of 1.24%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s payout ratio is currently 30.73%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PH shares. Bank of America raised their price objective on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Barclays lowered their price target on shares of Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Argus raised their price target on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Wells Fargo & Company lowered their price target on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a report on Monday, May 6th. Finally, KeyCorp raised their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $560.20.

Insider Activity

In other news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the transaction, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares in the company, valued at approximately $609,989.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

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.