Resona Asset Management Co. Ltd. Takes Position in Parker-Hannifin Co. (NYSE:PH)

Resona Asset Management Co. Ltd. acquired a new position in Parker-Hannifin Co. (NYSE:PH) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 37,474 shares of the industrial products company’s stock, valued at approximately $23,876,000.

Several other large investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Parker-Hannifin during the fourth quarter worth $1,106,132,000. Proficio Capital Partners LLC increased its position in Parker-Hannifin by 116,370.3% in the fourth quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock worth $725,229,000 after purchasing an additional 1,139,265 shares during the period. World Investment Advisors LLC bought a new stake in Parker-Hannifin during the 3rd quarter worth about $226,570,000. Assenagon Asset Management S.A. lifted its position in Parker-Hannifin by 176.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 438,126 shares of the industrial products company’s stock valued at $278,661,000 after purchasing an additional 279,480 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $175,739,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Analysts Set New Price Targets

PH has been the topic of several analyst reports. Evercore ISI increased their price objective on shares of Parker-Hannifin from $777.00 to $824.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Citigroup started coverage on Parker-Hannifin in a research report on Friday, February 7th. They issued a “buy” rating and a $795.00 price target on the stock. Barclays dropped their price objective on Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Truist Financial raised 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. Finally, KeyCorp increased their price target on shares of Parker-Hannifin from $775.00 to $790.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $736.65.

Parker-Hannifin Stock Performance

Shares of NYSE PH opened at $517.00 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $66.55 billion, a P/E ratio of 21.40, a P/E/G ratio of 2.85 and a beta of 1.50. Parker-Hannifin Co. has a 12 month low of $492.71 and a 12 month high of $718.44. The stock has a 50 day moving average of $649.18 and a 200-day moving average of $654.27.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. As a group, equities research analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were issued a $1.63 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $6.52 annualized dividend and a yield of 1.26%. Parker-Hannifin’s dividend payout ratio is currently 26.99%.

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.