Cartenna Capital LP Increases Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Cartenna Capital LP raised its holdings in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 41.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 152,513 shares of the industrial products company's stock after purchasing an additional 45,013 shares during the period. Parker-Hannifin accounts for 4.7% of Cartenna Capital LP's portfolio, making the stock its 2nd largest position. Cartenna Capital LP owned approximately 0.12% of Parker-Hannifin worth $97,003,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Whipplewood Advisors LLC purchased a new stake in Parker-Hannifin in the fourth quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in Parker-Hannifin in the fourth quarter worth approximately $25,000. Millstone Evans Group LLC bought a new position in Parker-Hannifin in the fourth quarter worth approximately $30,000. Bank of New Hampshire bought a new position in Parker-Hannifin in the fourth quarter worth approximately $35,000. Finally, Kestra Investment Management LLC bought a new position in Parker-Hannifin in the fourth quarter worth approximately $40,000. Hedge funds and other institutional investors own 82.44% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PH shares. Evercore ISI increased their price target on shares of Parker-Hannifin from $777.00 to $824.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Citigroup decreased their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. StockNews.com downgraded shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. KeyCorp decreased their price objective on shares of Parker-Hannifin from $790.00 to $690.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Truist Financial decreased their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Four 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 company currently has a consensus rating of "Moderate Buy" and a consensus target price of $705.35.

Parker-Hannifin Trading Up 0.2 %

Shares of NYSE PH traded up $1.48 during midday trading on Tuesday, hitting $598.57. The company's stock had a trading volume of 218,635 shares, compared to its average volume of 833,758. 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 business's 50 day moving average is $605.53 and its two-hundred day moving average is $646.60. Parker-Hannifin Co. has a 12-month low of $488.45 and a 12-month high of $718.44. The firm has a market cap of $77.05 billion, a P/E ratio of 24.78, a price-to-earnings-growth ratio of 2.85 and a beta of 1.39.

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

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be issued a dividend of $1.80 per share. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a yield of 1.20%. The ex-dividend date is Friday, May 9th. Parker-Hannifin's dividend payout ratio (DPR) is presently 29.80%.

Parker-Hannifin Company 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.