Sax Wealth Advisors LLC Makes New $651,000 Investment in Parker-Hannifin Co. (NYSE:PH)

Sax Wealth Advisors LLC purchased a new position in Parker-Hannifin Co. (NYSE:PH) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,031 shares of the industrial products company’s stock, valued at approximately $651,000.

Several other large investors also recently modified their holdings of the business. CVA Family Office LLC grew its holdings in Parker-Hannifin by 3.9% during the third quarter. CVA Family Office LLC now owns 425 shares of the industrial products company’s stock valued at $269,000 after purchasing an additional 16 shares during the period. Fidelis Capital Partners LLC grew its holdings in Parker-Hannifin by 2.3% during 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 grew its holdings 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 purchasing an additional 20 shares during the period. GoalVest Advisory LLC grew its holdings 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 purchasing an additional 20 shares during the period. Finally, American Trust grew its holdings 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 purchasing an additional 20 shares during the period. 82.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total value 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Parker-Hannifin 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 of the company’s stock, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.03% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. TD Cowen increased their price objective on Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a report on Wednesday, September 11th. Raymond James increased their target price on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Evercore ISI increased their target price on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. KeyCorp increased their target price on Parker-Hannifin from $640.00 to $725.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft increased 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. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $660.57.

Parker-Hannifin Trading Up 0.4 %

NYSE PH opened at $639.89 on Friday. The stock’s 50-day simple moving average is $604.89 and its two-hundred day simple moving average is $559.24. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $646.60. The company has a market capitalization of $82.25 billion, a price-to-earnings ratio of 30.16, a PEG ratio of 2.57 and a beta of 1.43. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data 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. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same period last year, the firm earned $6.08 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. Research analysts forecast that Parker-Hannifin Co. will post 26.64 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were paid a $1.63 dividend. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.02%. Parker-Hannifin’s payout ratio is presently 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.