Wedge Capital Management L L P NC decreased its holdings in Parker-Hannifin Co. (NYSE:PH – Free Report) by 15.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,946 shares of the industrial products company’s stock after selling 3,706 shares during the period. Wedge Capital Management L L P NC’s holdings in Parker-Hannifin were worth $13,234,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also modified their holdings of the business. ORG Partners LLC grew its stake in shares of Parker-Hannifin by 164.8% in the third quarter. ORG Partners LLC now owns 241 shares of the industrial products company’s stock worth $152,000 after acquiring an additional 150 shares in the last quarter. Stablepoint Partners LLC grew its stake in shares of Parker-Hannifin by 3.2% during the third quarter. Stablepoint Partners LLC now owns 3,307 shares of the industrial products company’s stock worth $2,089,000 after purchasing an additional 102 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Parker-Hannifin by 26.3% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,458 shares of the industrial products company’s stock worth $921,000 after purchasing an additional 304 shares in the last quarter. High Net Worth Advisory Group LLC grew its stake in shares of Parker-Hannifin by 96.5% during the third quarter. High Net Worth Advisory Group LLC now owns 4,694 shares of the industrial products company’s stock worth $2,966,000 after purchasing an additional 2,305 shares in the last quarter. Finally, CVA Family Office LLC grew its stake in shares of Parker-Hannifin by 3.9% during the third quarter. CVA Family Office LLC now owns 425 shares of the industrial products company’s stock worth $269,000 after purchasing an additional 16 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.
Wall Street Analyst Weigh In
PH has been the subject of a number of analyst reports. KeyCorp boosted their target price on shares of Parker-Hannifin from $640.00 to $725.00 and gave the stock an “overweight” rating in a research note on Monday. Wells Fargo & Company boosted their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Raymond James upped their price objective on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Truist Financial upped their price objective on shares of Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Robert W. Baird upped their price objective on shares of Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $655.93.
Insiders Place Their Bets
In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the company’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 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Joseph Scaminace sold 1,751 shares of the 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 $2,299,947. This 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 the SEC website. Also, VP Berend Bracht sold 850 shares of the stock in a transaction that occurred 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 owns 3,350 shares in the company, valued at $1,986,282. This represents 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 currently owned by company insiders.
Parker-Hannifin Trading Up 1.0 %
NYSE PH opened at $643.53 on Tuesday. The stock has a market capitalization of $82.72 billion, a P/E ratio of 30.33, a P/E/G ratio of 2.57 and a beta of 1.43. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $645.90. The firm has a 50-day moving average price of $598.57 and a 200 day moving average price of $557.54. 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 – Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $6.08 earnings per share. Equities research analysts expect that Parker-Hannifin Co. will post 26.64 EPS for the current year.
Parker-Hannifin Dividend Announcement
The business 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. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.01%. Parker-Hannifin’s payout ratio is currently 30.73%.
Parker-Hannifin Company 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.
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