On September 24, 2023, it was reported that My Legacy Advisors LLC had acquired a new position in shares of Parker-Hannifin Co. (NYSE:PH) during the second quarter. According to their recent filing with the Securities & Exchange Commission, the institutional investor purchased 629 shares of the industrial products company’s stock, with an estimated value of approximately $251,000.
Parker-Hannifin is a well-known global leader in motion and control technologies. The company specializes in providing precision engineered solutions for a wide range of industries, including aerospace, industrial, and mobile markets. As an industrial products company, Parker-Hannifin has established itself as a reliable and reputable player in the market.
In addition to this acquisition news, Parker-Hannifin recently announced its quarterly dividend payment. Shareholders who were recorded on Monday, August 28th received a dividend of $1.48 per share. The ex-dividend date was on Friday, August 25th.
As per the current dividend payout ratio (DPR), which stands at 37.00%, Parker-Hannifin is returning a significant portion of its earnings to shareholders through dividends. This translates to an annualized dividend of $5.92 per share and a yield of 1.53%. The consistent distribution of dividends demonstrates the company’s commitment to delivering value to its investors.
Investors may be interested in conducting further analysis on Parker-Hannifin considering these recent developments. In-depth stock analysis can provide valuable insights into the financial health and growth potential of a company.
It is worth noting that this article references information available as of September 24th, 2023 and it is advisable for investors to consult additional sources or seek professional advice when making investment decisions.
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Parker-Hannifin Co. Experiences Investor Interest and Positive Outlook in the Industrial Products Sector
Parker-Hannifin Co., an industrial products company, has recently seen modifications in holdings by various institutional investors and hedge funds. SeaCrest Wealth Management LLC, for instance, boosted its position in Parker-Hannifin by 29.7% during the second quarter, now owning 1,152 shares of the company’s stock valued at $449,000. Similarly, Venture Visionary Partners LLC increased its position in Parker-Hannifin by 2.3% during the same period, and Cornerstone Wealth Management LLC raised its position by 6.9%. Valeo Financial Advisors LLC and Perkins Coie Trust Co also saw boosts in their ownership of Parker-Hannifin stock.
Investors’ interest in Parker-Hannifin is not surprising given the positive feedback from equities research analysts. Stifel Nicolaus reiterated a “buy” rating on the company’s shares and set a target price of $470.00. Citigroup gave Parker-Hannifin a “neutral” rating and increased their price objective to $425.00. Mizuho raised their target to $415.00, while Morgan Stanley set it at $448.00 with an “equal weight” rating. Barclays went further and deemed the stock as “overweight,” raising its price target to $470.00.
Parker-Hannifin stock opened at $387.30 on Friday with a market capitalization of $49.74 billion and a PE ratio of 24.21, indicating healthy growth potential for investors. The company has a 52-week low of $235.69 and a high of $428.16, with a 50-day moving average price of $405.51.
On August 3rd, Parker-Hannifin reported better-than-expected quarterly earnings results with EPS of $6.08 compared to the consensus estimate of $5.48, resulting in a considerable beat of $0.60 per share. Furthermore, the company showcased a net margin of 10.93% and a return on equity of 29.26%, signaling strong financial performance. With revenues reaching $5.10 billion during the quarter, surpassing the estimated $5.01 billion, Parker-Hannifin experienced a remarkable increase of 21.7% compared to the same quarter last year.
Based on analysts’ predictions, Parker-Hannifin Co. is expected to post an earnings per share of 22.65 for the current fiscal year.
With its positive momentum, solid financials, and favorable ratings from analysts, investors are eyeing Parker-Hannifin as an attractive investment opportunity in the industrial products sector.
