Whittier Trust Co. Has $1.41 Million Position in Parker-Hannifin Co. (NYSE:PH)

Whittier Trust Co. lifted its holdings in Parker-Hannifin Co. (NYSE:PH) by 4.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,785 shares of the industrial products company’s stock after acquiring an additional 113 shares during the period. Whittier Trust Co.’s holdings in Parker-Hannifin were worth $1,409,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sachetta LLC acquired a new stake in Parker-Hannifin in the fourth quarter worth $25,000. First United Bank & Trust acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at about $29,000. Harbor Investment Advisory LLC increased its position in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after buying an additional 20 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new position in Parker-Hannifin during the 4th quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC bought a new position in Parker-Hannifin in the first quarter worth approximately $31,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PH shares. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their target price for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Raymond James initiated coverage on shares of Parker-Hannifin in a research note on Friday, June 28th. They issued an “outperform” rating and a $610.00 price objective on the stock. Truist Financial reissued a “buy” rating and set a $673.00 target price (up from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. Argus upped their target price on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, Robert W. Baird lifted their price target on Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.14.

Insider Transactions at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the transaction, the director now owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the transaction, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $591.22 on Friday. The firm has a market capitalization of $76.00 billion, a P/E ratio of 27.86, a price-to-earnings-growth ratio of 2.37 and a beta of 1.44. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. The business’s fifty day simple moving average is $543.48 and its 200 day simple moving average is $539.88. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $599.53.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. The company had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the previous year, the business posted $6.08 EPS. As a group, analysts anticipate that Parker-Hannifin Co. will post 26.61 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

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.