Ritholtz Wealth Management Boosts Stock Position in Parker-Hannifin Co. (NYSE:PH)

Ritholtz Wealth Management increased its position in Parker-Hannifin Co. (NYSE:PH) by 88.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,473 shares of the industrial products company’s stock after acquiring an additional 691 shares during the quarter. Ritholtz Wealth Management’s holdings in Parker-Hannifin were worth $931,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PH. 1832 Asset Management L.P. raised its position in shares of Parker-Hannifin by 305.0% during the 1st quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock valued at $171,069,000 after purchasing an additional 231,788 shares during the period. AMF Tjanstepension AB lifted its position in shares of Parker-Hannifin by 23.0% in the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after acquiring an additional 141,862 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Parker-Hannifin by 107.7% in the second quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company’s stock worth $137,437,000 after acquiring an additional 140,898 shares during the period. Congress Asset Management Co. MA grew its position in shares of Parker-Hannifin by 503.9% during the first quarter. Congress Asset Management Co. MA now owns 156,196 shares of the industrial products company’s stock worth $86,812,000 after purchasing an additional 130,331 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in Parker-Hannifin by 32.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 466,791 shares of the industrial products company’s stock valued at $258,971,000 after purchasing an additional 115,234 shares during the period. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Up 1.0 %

NYSE:PH opened at $643.53 on Tuesday. The company has a market cap of $82.72 billion, a price-to-earnings ratio of 30.33, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $645.90. 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 stock has a fifty day simple moving average of $598.57 and a 200-day simple moving average of $557.54.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating the consensus estimate 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 earnings per share. The company’s revenue was up 1.8% on a year-over-year basis. Analysts anticipate that Parker-Hannifin Co. will post 26.64 EPS for the current year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.01%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s payout ratio is 30.73%.

Insider Activity

In related news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction that occurred on 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 transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Joseph Scaminace sold 1,751 shares of the firm’s 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 sale, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Berend Bracht sold 850 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Evercore ISI increased their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a report on Monday, August 19th. Raymond James lifted their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Wells Fargo & Company raised their price objective on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Truist Financial boosted their target price on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Robert W. Baird lifted their price objective on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $655.93.

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.