Parker-Hannifin Co. (NYSE:PH) Position Trimmed by CX Institutional

CX Institutional lowered its stake in Parker-Hannifin Co. (NYSE:PH) by 2.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,321 shares of the industrial products company’s stock after selling 58 shares during the period. CX Institutional’s holdings in Parker-Hannifin were worth $1,466,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Centaurus Financial Inc. acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth $128,000. B. Riley Wealth Advisors Inc. raised its holdings in Parker-Hannifin by 3.4% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 2,466 shares of the industrial products company’s stock worth $1,136,000 after buying an additional 80 shares during the period. Newbridge Financial Services Group Inc. purchased a new stake in Parker-Hannifin during the fourth quarter valued at about $30,000. First Hawaiian Bank lifted its stake in Parker-Hannifin by 47.8% during the first quarter. First Hawaiian Bank now owns 3,672 shares of the industrial products company’s stock valued at $2,041,000 after buying an additional 1,188 shares in the last quarter. Finally, Rise Advisors LLC acquired a new position in shares of Parker-Hannifin in the first quarter worth about $38,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was 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 owns 3,350 shares in the company, valued at approximately $1,986,282. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP Berend Bracht sold 850 shares of the company’s 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. This 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, 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 sale, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. This represents a 0.00 % decrease in their ownership of the stock. 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 analyst reports. Barclays boosted their price target on shares of Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. TD Cowen increased their target price on Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft raised their target price on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Stifel Nicolaus upped their price target on Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Finally, Truist Financial raised their price objective on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $655.93.

Parker-Hannifin Stock Down 0.1 %

Shares of Parker-Hannifin stock opened at $637.48 on Thursday. The firm has a market cap of $81.94 billion, a price-to-earnings ratio of 30.04, a P/E/G ratio of 2.57 and a beta of 1.43. The stock has a 50-day simple moving average of $603.46 and a 200-day simple moving average of $558.68. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $646.60. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The firm had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The company’s revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the company earned $6.08 earnings per share. On average, equities research analysts expect that Parker-Hannifin Co. will post 26.64 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 1.02%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s payout ratio is 30.73%.

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.