Resona Asset Management Co. Ltd. Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Resona Asset Management Co. Ltd. acquired a new stake in Parker-Hannifin Co. (NYSE:PH - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 37,474 shares of the industrial products company's stock, valued at approximately $23,876,000.

Several other large investors also recently modified their holdings of PH. Orion Investment Co grew its stake in Parker-Hannifin by 0.3% during the 4th quarter. Orion Investment Co now owns 13,810 shares of the industrial products company's stock valued at $8,784,000 after purchasing an additional 35 shares in the last quarter. Systematic Alpha Investments LLC acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth approximately $712,000. Pitcairn Co. increased its stake in shares of Parker-Hannifin by 2.5% in the fourth quarter. Pitcairn Co. now owns 4,671 shares of the industrial products company's stock worth $2,971,000 after buying an additional 116 shares during the last quarter. Arete Wealth Advisors LLC raised its holdings in Parker-Hannifin by 11.1% in the fourth quarter. Arete Wealth Advisors LLC now owns 2,150 shares of the industrial products company's stock valued at $1,369,000 after acquiring an additional 214 shares in the last quarter. Finally, OneAscent Financial Services LLC boosted its stake in Parker-Hannifin by 21.0% during the 4th quarter. OneAscent Financial Services LLC now owns 1,503 shares of the industrial products company's stock valued at $956,000 after acquiring an additional 261 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PH has been the topic of a number of recent analyst reports. StockNews.com lowered shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Citigroup assumed coverage on Parker-Hannifin in a research note on Friday, February 7th. They set a "buy" rating and a $795.00 price objective on the stock. Evercore ISI lifted their target price on Parker-Hannifin from $777.00 to $824.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Wolfe Research lowered Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Finally, Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $689.00 to $691.00 and gave the stock a "hold" rating in a report on Friday, January 31st. 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, Parker-Hannifin has an average rating of "Moderate Buy" and a consensus price target of $720.47.

Parker-Hannifin Price Performance

Shares of PH traded down $6.17 during midday trading on Friday, reaching $554.01. The stock had a trading volume of 260,498 shares, compared to its average volume of 706,963. The firm's 50 day moving average price is $633.78 and its 200-day moving average price is $651.30. Parker-Hannifin Co. has a 52 week low of $488.45 and a 52 week high of $718.44. The company has a market capitalization of $71.31 billion, a P/E ratio of 22.95, a P/E/G ratio of 2.85 and a beta of 1.39. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results 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%. On average, analysts forecast that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

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 dividend yield of 1.18%. 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.