OLD National Bancorp IN Purchases New Shares in Parker-Hannifin Co. (NYSE:PH)

OLD National Bancorp IN purchased a new stake in shares of Parker-Hannifin Co. (NYSE:PH) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 510 shares of the industrial products company’s stock, valued at approximately $235,000.

A number of other large investors have also added to or reduced their stakes in PH. OFI Invest Asset Management acquired a new stake in Parker-Hannifin during the 3rd quarter valued at $25,000. Wetzel Investment Advisors Inc. acquired a new position in Parker-Hannifin during the 4th quarter worth $26,000. Baystate Wealth Management LLC grew its holdings in Parker-Hannifin by 233.3% during the 3rd quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 49 shares in the last quarter. Oakworth Capital Inc. grew its holdings in Parker-Hannifin by 48.3% during the 3rd quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 28 shares in the last quarter. Finally, ORG Partners LLC acquired a new position in Parker-Hannifin during the 4th quarter worth $42,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Parker-Hannifin

In related news, COO Andrew D. Ross sold 3,904 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at $6,693,299.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, COO Andrew D. Ross sold 3,904 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the sale, the chief operating officer now owns 13,120 shares in the company, valued at $6,693,299.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Thomas C. Gentile sold 2,978 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the sale, the vice president now owns 5,465 shares in the company, valued at approximately $2,741,899.80. The disclosure for this sale can be found here. Insiders sold a total of 12,079 shares of company stock valued at $6,099,566 over the last ninety days. Insiders own 1.03% of the company’s stock.

Parker-Hannifin Trading Up 0.7 %

Shares of NYSE:PH opened at $553.48 on Friday. The company has a 50 day moving average of $543.27 and a 200-day moving average of $477.71. The firm has a market cap of $71.07 billion, a P/E ratio of 27.40, a P/E/G ratio of 2.01 and a beta of 1.52. Parker-Hannifin Co. has a twelve month low of $312.36 and a twelve month high of $570.15. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72.

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

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.18%. Parker-Hannifin’s dividend payout ratio is currently 29.31%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PH. The Goldman Sachs Group reissued a “buy” rating and set a $551.00 price objective on shares of Parker-Hannifin in a report on Tuesday, January 2nd. Evercore ISI raised their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Barclays lifted their price target on shares of Parker-Hannifin from $558.00 to $625.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. Stifel Nicolaus lifted their price target on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Finally, TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their price target for the company from $300.00 to $500.00 in a report on Friday, March 1st. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus price target of $515.38.

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.