Legacy Private Trust Co. Grows Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Legacy Private Trust Co. raised its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 21.1% in the 4th quarter, Holdings Channel reports. The fund owned 5,919 shares of the industrial products company’s stock after acquiring an additional 1,033 shares during the quarter. Legacy Private Trust Co.’s holdings in Parker-Hannifin were worth $3,765,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in Parker-Hannifin by 13.8% in the 3rd quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock valued at $3,918,696,000 after purchasing an additional 753,143 shares in the last quarter. FMR LLC lifted its holdings in shares of Parker-Hannifin by 7.1% in the 3rd quarter. FMR LLC now owns 4,116,257 shares of the industrial products company’s stock valued at $2,600,733,000 after buying an additional 272,531 shares during the period. Geode Capital Management LLC boosted its stake in shares of Parker-Hannifin by 1.2% in the third quarter. Geode Capital Management LLC now owns 2,577,831 shares of the industrial products company’s stock valued at $1,623,689,000 after buying an additional 29,408 shares in the last quarter. Wellington Management Group LLP grew its holdings in Parker-Hannifin by 39.9% during the third quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company’s stock worth $1,249,645,000 after acquiring an additional 564,365 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Parker-Hannifin by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,593,970 shares of the industrial products company’s stock worth $1,007,102,000 after acquiring an additional 59,432 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PH has been the topic of a number of research analyst reports. Barclays boosted their price objective on shares of Parker-Hannifin from $703.00 to $800.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Argus raised their price target on Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Mizuho increased their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Robert W. Baird lifted their target price on shares of Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, StockNews.com upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Two equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $722.94.

Parker-Hannifin Stock Performance

Shares of NYSE PH traded up $5.53 during midday trading on Wednesday, reaching $640.76. 439,920 shares of the company traded hands, compared to its average volume of 535,047. The stock has a 50-day moving average price of $672.93 and a 200 day moving average price of $612.10. The company has a market cap of $82.48 billion, a price-to-earnings ratio of 28.94, a PEG ratio of 2.71 and a beta of 1.45. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. Parker-Hannifin Co. has a 52 week low of $449.89 and a 52 week high of $712.42.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The firm had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the previous year, the company earned $5.96 earnings per share. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. Sell-side analysts anticipate that Parker-Hannifin Co. will post 26.75 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 8th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend was Friday, November 8th. Parker-Hannifin’s payout ratio is 29.45%.

Insider Activity

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 shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the transaction, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Thomas C. Gentile sold 2,430 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the completion of the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at $3,831,839.40. This represents a 30.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,077 shares of company stock worth $12,303,829. Corporate insiders own 0.39% 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.