King Wealth Management Group Purchases 1,779 Shares of Parker-Hannifin Co. (NYSE:PH)

King Wealth Management Group boosted its position in Parker-Hannifin Co. (NYSE:PH) by 14.5% in the 4th quarter, Holdings Channel reports. The firm owned 14,024 shares of the industrial products company’s stock after buying an additional 1,779 shares during the quarter. Parker-Hannifin accounts for approximately 1.3% of King Wealth Management Group’s portfolio, making the stock its 20th biggest position. King Wealth Management Group’s holdings in Parker-Hannifin were worth $8,919,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PH. Whipplewood Advisors LLC bought a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $25,000. Prestige Wealth Management Group LLC increased its stake in Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 25 shares during the period. Bank of New Hampshire bought a new stake in shares of Parker-Hannifin during the fourth quarter worth $35,000. Kestra Investment Management LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter valued at $40,000. Finally, Hager Investment Management Services LLC bought a new position in shares of Parker-Hannifin in the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a report on Friday, January 31st. KeyCorp lifted their price target on shares of Parker-Hannifin from $775.00 to $790.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Wolfe Research raised Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective on the stock in a research note on Thursday, December 12th. Jefferies Financial Group lifted their target price on Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Truist Financial upped their target price on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average target price of $736.65.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $591.55 on Friday. Parker-Hannifin Co. has a one year low of $492.71 and a one year high of $718.44. The company has a market capitalization of $76.14 billion, a PE ratio of 24.48, a P/E/G ratio of 2.85 and a beta of 1.50. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The company has a 50-day simple moving average of $662.61 and a two-hundred day simple moving average of $651.00.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 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%. Research analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 7th were issued a dividend of $1.63 per share. The ex-dividend date was Friday, February 7th. This represents a $6.52 annualized dividend and a dividend yield of 1.10%. Parker-Hannifin’s dividend payout ratio is presently 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.