KP Management LLC purchased a new stake in Parker-Hannifin Co. (NYSE:PH – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 6,000 shares of the industrial products company’s stock, valued at approximately $3,035,000.
Other hedge funds have also bought and sold shares of the company. Addison Advisors LLC purchased a new stake in Parker-Hannifin in the 2nd quarter valued at $25,000. Harbor Investment Advisory LLC grew its stake in shares of Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 20 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of Parker-Hannifin in the first quarter valued at about $31,000. Newbridge Financial Services Group Inc. bought a new position in shares of Parker-Hannifin during the fourth quarter valued at about $30,000. Finally, Fortitude Family Office LLC boosted its holdings in Parker-Hannifin by 346.7% during the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 52 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.
Parker-Hannifin Stock Down 0.3 %
Parker-Hannifin stock opened at $630.14 on Wednesday. The firm has a market capitalization of $81.00 billion, a price-to-earnings ratio of 29.70, a P/E/G ratio of 2.54 and a beta of 1.43. The firm has a 50 day simple moving average of $581.81 and a 200 day simple moving average of $552.36. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $639.87. 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 Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s payout ratio is 30.73%.
Analyst Ratings Changes
Several equities analysts have commented on the stock. TD Cowen lifted their target price on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research report on Wednesday, September 11th. Stifel Nicolaus decreased their price target on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Wells Fargo & Company upped their price objective on Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Truist Financial reaffirmed 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. Finally, StockNews.com lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $624.43.
Get Our Latest Stock Analysis on Parker-Hannifin
Insider Activity at Parker-Hannifin
In related news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was 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 directly owns 3,900 shares in the company, valued at $2,299,947. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, VP Berend Bracht sold 850 shares of Parker-Hannifin 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 directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the 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 directly owns 3,900 shares in the company, valued at approximately $2,299,947. The disclosure for this sale can be found here. 1.03% of the stock is owned by corporate insiders.
Parker-Hannifin Company 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.
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