NewEdge Advisors LLC Buys 849 Shares of Parker-Hannifin Co. (NYSE:PH)

NewEdge Advisors LLC increased its position in Parker-Hannifin Co. (NYSE:PH) by 7.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,453 shares of the industrial products company’s stock after acquiring an additional 849 shares during the quarter. NewEdge Advisors LLC’s holdings in Parker-Hannifin were worth $6,299,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PH. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Parker-Hannifin by 408.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 50,292 shares of the industrial products company’s stock valued at $25,436,000 after acquiring an additional 40,400 shares in the last quarter. Silver Lake Advisory LLC purchased a new stake in Parker-Hannifin in the second quarter valued at approximately $261,000. Creative Planning lifted its position in Parker-Hannifin by 0.8% during the second quarter. Creative Planning now owns 25,490 shares of the industrial products company’s stock valued at $12,893,000 after purchasing an additional 209 shares during the last quarter. Magnolia Capital Advisors LLC purchased a new position in Parker-Hannifin in the 2nd quarter worth approximately $11,129,000. Finally, Ascent Group LLC increased its holdings in shares of Parker-Hannifin by 3.4% in the 2nd quarter. Ascent Group LLC now owns 3,387 shares of the industrial products company’s stock worth $1,713,000 after buying an additional 112 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

PH stock opened at $630.14 on Wednesday. The stock has a market capitalization of $81.00 billion, a price-to-earnings ratio of 29.70, a PEG ratio of 2.54 and a beta of 1.43. The firm’s 50-day moving average price is $581.81 and its two-hundred day moving average price is $552.36. 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 Co. has a 12-month low of $362.49 and a 12-month high of $639.87.

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, beating analysts’ consensus estimates 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 return on equity of 29.08% and a net margin of 14.27%. During the same quarter in the prior year, the company posted $6.08 EPS. Parker-Hannifin’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, equities analysts predict that Parker-Hannifin Co. will post 26.63 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s payout ratio is currently 30.73%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Barclays dropped their price objective on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. TD Cowen upped their price objective on Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a report on Wednesday, September 11th. Robert W. Baird raised their price objective on Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft upped their target price on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus decreased their price target on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $624.43.

Insiders Place Their Bets

In related news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated 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 owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Berend Bracht sold 850 shares of Parker-Hannifin 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 sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction on Thursday, August 15th. The stock was 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 owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

About Parker-Hannifin

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.