Magnetar Financial LLC Raises Stock Position in Parker-Hannifin Co. (NYSE:PH)

Magnetar Financial LLC raised its position in Parker-Hannifin Co. (NYSE:PH) by 53.8% in the 2nd quarter, Holdings Channel.com reports. The fund owned 9,168 shares of the industrial products company’s stock after acquiring an additional 3,206 shares during the quarter. Magnetar Financial LLC’s holdings in Parker-Hannifin were worth $4,637,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PH. Public Sector Pension Investment Board increased its holdings in Parker-Hannifin by 1.1% in the second quarter. Public Sector Pension Investment Board now owns 194,861 shares of the industrial products company’s stock valued at $98,563,000 after buying an additional 2,119 shares in the last quarter. Cyrus J. Lawrence LLC purchased a new stake in Parker-Hannifin during the 2nd quarter valued at about $7,243,000. Edge Capital Group LLC boosted its holdings in Parker-Hannifin by 4.6% in the 2nd quarter. Edge Capital Group LLC now owns 9,954 shares of the industrial products company’s stock valued at $5,035,000 after purchasing an additional 442 shares during the last quarter. Gabelli Funds LLC boosted its holdings in Parker-Hannifin by 0.3% in the 2nd quarter. Gabelli Funds LLC now owns 13,704 shares of the industrial products company’s stock valued at $6,932,000 after purchasing an additional 44 shares during the last quarter. Finally, Fidelis Capital Partners LLC lifted its holdings in shares of Parker-Hannifin by 6.6% in the 2nd quarter. Fidelis Capital Partners LLC now owns 906 shares of the industrial products company’s stock worth $464,000 after acquiring an additional 56 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Stock Down 0.4 %

Parker-Hannifin stock opened at $623.77 on Monday. The firm has a market capitalization of $80.18 billion, a P/E ratio of 29.40, a P/E/G ratio of 2.42 and a beta of 1.43. The company has a 50-day simple moving average of $571.23 and a 200-day simple moving average of $547.89. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $627.30. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share 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 company had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same period in the prior year, the company earned $6.08 EPS. Parker-Hannifin’s revenue was up 1.8% on a year-over-year basis. As a group, equities analysts expect that Parker-Hannifin Co. will post 26.63 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were issued a $1.63 dividend. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.05%. Parker-Hannifin’s dividend payout ratio is 30.73%.

Insider Buying and Selling

In other Parker-Hannifin 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 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 $1,986,282. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of Parker-Hannifin 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 $1,986,282. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction dated 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 directly owns 3,900 shares of the company’s stock, valued at $2,299,947. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PH shares. 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. Evercore ISI increased their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Robert W. Baird increased their price target on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Wells Fargo & Company increased their price target on shares of Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $624.43.

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.