CIBC Asset Management Inc Sells 818 Shares of Parker-Hannifin Co. (NYSE:PH)

CIBC Asset Management Inc trimmed its position in shares of Parker-Hannifin Co. (NYSE:PH) by 4.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,329 shares of the industrial products company’s stock after selling 818 shares during the quarter. CIBC Asset Management Inc’s holdings in Parker-Hannifin were worth $8,765,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Sachetta LLC bought a new stake in Parker-Hannifin during the 4th quarter valued at approximately $25,000. First United Bank & Trust bought a new stake in Parker-Hannifin during the 4th quarter valued at approximately $29,000. Harbor Investment Advisory LLC lifted its holdings in shares of Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 20 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Parker-Hannifin during the first quarter valued at approximately $31,000. 82.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PH has been the subject of several recent research reports. Barclays lowered their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Truist Financial reiterated a “buy” rating and set a $673.00 target price (up from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Robert W. Baird lifted their target price on shares of Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Bank of America lifted their target price on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Finally, Stifel Nicolaus decreased their price objective on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $620.14.

Insider Activity

In other news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the transaction, the director now owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Berend Bracht sold 850 shares of the company’s stock in a transaction on 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 directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

Parker-Hannifin Trading Down 4.1 %

NYSE:PH opened at $575.36 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $601.30. The company has a market cap of $73.96 billion, a PE ratio of 27.11, a price-to-earnings-growth ratio of 2.44 and a beta of 1.44. The company has a 50 day simple moving average of $550.26 and a two-hundred day simple moving average of $542.09.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The firm had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter in the previous year, the firm posted $6.08 EPS. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. Research analysts forecast that Parker-Hannifin Co. will post 26.61 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed 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 1.13%. The ex-dividend date of this dividend is Wednesday, August 28th. Parker-Hannifin’s payout ratio is 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.