Parker-Hannifin Corp (NYSE:PH) Sees Significant Increase in Short Interest

Parker-Hannifin Corp (NYSE:PH) was the target of a significant increase in short interest during the month of May. As of May 29th, there was short interest totalling 2,300,000 shares, an increase of 6.0% from the May 14th total of 2,170,000 shares. Currently, 1.8% of the shares of the company are sold short. Based on an average daily volume of 1,740,000 shares, the days-to-cover ratio is presently 1.3 days.

PH has been the topic of several research analyst reports. Jefferies Financial Group upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating and upped their price objective for the stock from $130.00 to $160.00 in a research report on Friday, March 27th. Barclays upped their price objective on shares of Parker-Hannifin from $167.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. Zacks Investment Research upgraded shares of Parker-Hannifin from a “sell” rating to a “hold” rating and set a $176.00 price objective on the stock in a research report on Tuesday, May 19th. Credit Suisse Group upped their price objective on shares of Parker-Hannifin from $158.00 to $190.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Finally, Argus upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research report on Monday, May 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $190.47.

Shares of NYSE:PH traded up $6.74 during trading on Friday, reaching $180.16. 1,447,788 shares of the company traded hands, compared to its average volume of 1,429,431. The firm has a market capitalization of $22.24 billion, a price-to-earnings ratio of 17.71, a P/E/G ratio of 1.51 and a beta of 1.67. Parker-Hannifin has a 52-week low of $93.00 and a 52-week high of $215.94. The company has a current ratio of 1.49, a quick ratio of 0.94 and a debt-to-equity ratio of 1.28. The business’s fifty day moving average is $165.14 and its 200-day moving average is $177.13.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, April 30th. The industrial products company reported $2.92 earnings per share for the quarter, beating analysts’ consensus estimates of $2.24 by $0.68. The firm had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.56 billion. Parker-Hannifin had a return on equity of 24.30% and a net margin of 9.32%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.17 earnings per share. On average, sell-side analysts predict that Parker-Hannifin will post 9.72 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Friday, May 8th were paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date was Thursday, May 7th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.70%.

In other news, VP Andrew M. Weeks sold 5,715 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $152.65, for a total transaction of $872,394.75. Following the sale, the vice president now directly owns 6,857 shares in the company, valued at $1,046,721.05. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Andrew D. Ross sold 5,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $205.18, for a total value of $1,025,900.00. Following the sale, the vice president now owns 14,091 shares in the company, valued at $2,891,191.38. The disclosure for this sale can be found here. 1.23% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the company. Belpointe Asset Management LLC raised its holdings in Parker-Hannifin by 2.7% in the fourth quarter. Belpointe Asset Management LLC now owns 9,458 shares of the industrial products company’s stock worth $1,946,000 after purchasing an additional 252 shares in the last quarter. Lincoln National Corp bought a new position in Parker-Hannifin in the fourth quarter worth $392,000. Blair William & Co. IL increased its holdings in shares of Parker-Hannifin by 8.0% during the fourth quarter. Blair William & Co. IL now owns 16,066 shares of the industrial products company’s stock valued at $3,307,000 after acquiring an additional 1,193 shares in the last quarter. Manning & Napier Group LLC bought a new position in shares of Parker-Hannifin during the first quarter valued at $5,640,000. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Parker-Hannifin by 8.4% during the first quarter. Rockefeller Capital Management L.P. now owns 1,953 shares of the industrial products company’s stock valued at $253,000 after acquiring an additional 151 shares in the last quarter. 78.87% of the stock is owned by hedge funds and other institutional investors.

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 in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.

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