Parker-Hannifin Co. (NYSE:PH) Shares Sold by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC cut its position in shares of Parker-Hannifin Co. (NYSE:PH) by 12.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 3,133 shares of the industrial products company’s stock after selling 442 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Parker-Hannifin were worth $1,585,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PH. Fidelis Capital Partners LLC grew its holdings in Parker-Hannifin by 2.3% in the first quarter. Fidelis Capital Partners LLC now owns 851 shares of the industrial products company’s stock valued at $473,000 after purchasing an additional 19 shares during the period. Harbor Investment Advisory LLC lifted its position in 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 buying an additional 20 shares in the last quarter. GoalVest Advisory LLC lifted its position in Parker-Hannifin by 40.0% during the first quarter. GoalVest Advisory LLC now owns 70 shares of the industrial products company’s stock valued at $39,000 after buying an additional 20 shares in the last quarter. American Trust lifted its position in Parker-Hannifin by 3.2% during the first quarter. American Trust now owns 649 shares of the industrial products company’s stock valued at $361,000 after buying an additional 20 shares in the last quarter. Finally, TFG Advisers LLC lifted its position in Parker-Hannifin by 0.9% during the second quarter. TFG Advisers LLC now owns 2,171 shares of the industrial products company’s stock valued at $1,098,000 after buying an additional 20 shares in the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Parker-Hannifin 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 completion of the transaction, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 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. Corporate insiders own 1.03% of the company’s stock.

Wall Street Analysts Forecast Growth

PH has been the topic of a number of recent research reports. Raymond James boosted their target price on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday. Truist Financial reissued 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. Robert W. Baird upped their price target 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. Stifel Nicolaus cut their price target on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a report 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.com, the company has a consensus rating of “Moderate Buy” and an average price target of $623.00.

Parker-Hannifin Stock Down 0.7 %

Parker-Hannifin stock opened at $571.31 on Friday. The company has a 50-day simple moving average of $554.47 and a 200-day simple moving average of $543.08. The firm has a market capitalization of $73.44 billion, a P/E ratio of 26.92, a P/E/G ratio of 2.44 and a beta of 1.43. 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 Co. has a one year low of $362.49 and a one year high of $601.30.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, topping the consensus estimate of $6.22 by $0.55. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The company’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.08 earnings per share. As a group, equities analysts expect that Parker-Hannifin Co. will post 26.61 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

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. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.14%. Parker-Hannifin’s dividend payout ratio (DPR) 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.