Ashton Thomas Private Wealth LLC Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Ashton Thomas Private Wealth LLC acquired a new position in shares of Parker-Hannifin Co. (NYSE:PH) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 4,466 shares of the industrial products company’s stock, valued at approximately $2,259,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Addison Advisors LLC bought a new stake in Parker-Hannifin during the 2nd quarter worth approximately $25,000. Harbor Investment Advisory LLC boosted its stake in shares of Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after buying an additional 20 shares during the last quarter. Sachetta LLC purchased a new position in shares of Parker-Hannifin in the 4th quarter worth approximately $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Parker-Hannifin in the 1st quarter worth approximately $31,000. Finally, First United Bank & Trust purchased a new position in shares of Parker-Hannifin in the 4th quarter worth approximately $29,000. 82.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PH has been the topic of a number of research analyst reports. Robert W. Baird boosted their target price on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Wells Fargo & Company boosted their target price on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. Barclays dropped their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Evercore ISI upped their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Finally, Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their price objective for the company from $550.00 to $650.00 in a research note on Tuesday, May 28th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $623.00.

Parker-Hannifin Trading Up 1.6 %

NYSE:PH opened at $580.23 on Tuesday. The company has a market cap of $74.62 billion, a P/E ratio of 27.34, a P/E/G ratio of 2.32 and a beta of 1.43. The stock’s fifty day moving average price is $556.06 and its two-hundred day moving average price is $543.57. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $601.30. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.22 by $0.55. The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $6.08 earnings per share. As a group, analysts expect that Parker-Hannifin Co. will post 26.65 EPS for the current year.

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th will be issued a $1.63 dividend. The ex-dividend date is Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.12%. Parker-Hannifin’s payout ratio is currently 30.73%.

Insider Transactions at Parker-Hannifin

In other news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the transaction, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

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.