JPMorgan Chase & Co. Has $1.37 Billion Stake in Parker-Hannifin Co. (NYSE:PH)

JPMorgan Chase & Co. lowered its stake in Parker-Hannifin Co. (NYSE:PH) by 3.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,168,327 shares of the industrial products company’s stock after selling 85,280 shares during the period. JPMorgan Chase & Co. owned 1.68% of Parker-Hannifin worth $1,369,993,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. West Branch Capital LLC bought a new stake in Parker-Hannifin in the third quarter valued at approximately $25,000. Bangor Savings Bank boosted its position in shares of Parker-Hannifin by 238.5% during the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 31 shares in the last quarter. Addison Advisors LLC bought a new stake in shares of Parker-Hannifin during the second quarter valued at approximately $25,000. Prestige Wealth Management Group LLC increased its stake in Parker-Hannifin by 83.3% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 25 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of Parker-Hannifin in the third quarter valued at $39,000. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

NYSE:PH opened at $651.42 on Friday. Parker-Hannifin Co. has a 52-week low of $440.00 and a 52-week high of $712.42. The stock has a fifty day moving average of $671.70 and a 200 day moving average of $603.95. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The firm has a market capitalization of $83.85 billion, a price-to-earnings ratio of 29.42, a P/E/G ratio of 2.71 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. Parker-Hannifin’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $5.96 earnings per share. On average, research analysts expect that Parker-Hannifin Co. will post 26.75 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 8th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date was Friday, November 8th. Parker-Hannifin’s payout ratio is currently 29.45%.

Insider Buying and Selling

In other news, COO Andrew D. Ross sold 4,864 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $9,263,244.80. This trade represents a 27.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Joseph R. Leonti sold 5,877 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the transaction, the vice president now directly owns 15,350 shares in the company, valued at approximately $9,686,464. The trade was a 27.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,077 shares of company stock worth $12,303,829 in the last 90 days. 0.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Wolfe Research upgraded Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 target price on the stock in a report on Thursday, December 12th. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Argus increased their target price on shares of Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. TD Cowen lifted their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Finally, Jefferies Financial Group upped their price objective on shares of Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a report on Friday, December 6th. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $712.82.

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.