Essex Financial Services Inc. Invests $238,000 in Parker-Hannifin Co. (NYSE:PH)

Essex Financial Services Inc. bought a new stake in shares of Parker-Hannifin Co. (NYSE:PH) during the 4th quarter, HoldingsChannel.com reports. The fund bought 517 shares of the industrial products company’s stock, valued at approximately $238,000.

Other large investors also recently added to or reduced their stakes in the company. Alphinity Investment Management Pty Ltd bought a new stake in Parker-Hannifin in the third quarter valued at approximately $310,208,000. FMR LLC raised its holdings in Parker-Hannifin by 9.6% during the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock valued at $1,437,096,000 after buying an additional 324,063 shares during the last quarter. International Assets Investment Management LLC boosted its position in Parker-Hannifin by 65,634.7% during the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock valued at $101,149,000 after buying an additional 219,220 shares during the period. Envestnet Asset Management Inc. grew its holdings in Parker-Hannifin by 52.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 506,406 shares of the industrial products company’s stock worth $197,255,000 after acquiring an additional 173,323 shares during the last quarter. Finally, iA Global Asset Management Inc. purchased a new position in shares of Parker-Hannifin in the third quarter valued at about $58,601,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PH. Evercore ISI increased their target price 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. Mizuho lifted their price objective on Parker-Hannifin from $490.00 to $550.00 and gave the stock a “neutral” rating in a research report on Friday. KeyCorp upped their target price on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Truist Financial lifted their price target on shares of Parker-Hannifin from $602.00 to $611.00 and gave the company a “buy” rating in a report on Friday. Finally, Stifel Nicolaus boosted their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from 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 opened at $536.18 on Friday. Parker-Hannifin Co. has a fifty-two week low of $319.14 and a fifty-two week high of $570.15. The firm’s 50-day simple moving average is $544.96 and its two-hundred day simple moving average is $482.63. The stock has a market cap of $68.85 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 1.93 and a beta of 1.51. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.49 and a current ratio of 0.87.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping 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 posted $5.93 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. 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 declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a dividend yield of 1.22%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 27.90%.

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.