Bar Harbor Wealth Management Sells 411 Shares of Parker-Hannifin Co. (NYSE:PH)

Bar Harbor Wealth Management cut its position in shares of Parker-Hannifin Co. (NYSE:PH) by 1.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,272 shares of the industrial products company’s stock after selling 411 shares during the quarter. Bar Harbor Wealth Management’s holdings in Parker-Hannifin were worth $13,440,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Heirloom Wealth Management increased its stake in shares of Parker-Hannifin by 1.6% during the third quarter. Heirloom Wealth Management now owns 14,252 shares of the industrial products company’s stock valued at $9,005,000 after purchasing an additional 221 shares in the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Parker-Hannifin by 4.7% during the third quarter. Bleakley Financial Group LLC now owns 2,699 shares of the industrial products company’s stock valued at $1,705,000 after acquiring an additional 120 shares in the last quarter. Buffington Mohr McNeal purchased a new position in shares of Parker-Hannifin in the 3rd quarter worth about $3,015,000. Global Retirement Partners LLC boosted its stake in Parker-Hannifin by 25.9% in the 3rd quarter. Global Retirement Partners LLC now owns 1,377 shares of the industrial products company’s stock worth $870,000 after purchasing an additional 283 shares in the last quarter. Finally, Kowal Investment Group LLC grew its position in Parker-Hannifin by 24.4% during the 3rd quarter. Kowal Investment Group LLC now owns 2,057 shares of the industrial products company’s stock valued at $1,300,000 after purchasing an additional 403 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Evercore ISI increased their target price on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Barclays boosted their price target on Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Truist Financial lifted their price objective on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company raised their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $660.57.

Insiders Place Their Bets

In other news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction dated 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 sale, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Berend Bracht sold 850 shares of the business’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 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 corporate insiders.

Parker-Hannifin Trading Up 0.4 %

Shares of NYSE:PH opened at $639.89 on Friday. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $646.60. The company has a market cap of $82.25 billion, a PE ratio of 30.16, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. The stock has a 50 day moving average of $604.89 and a 200 day moving average of $559.24. 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 (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, topping 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 for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $6.08 earnings per share. As a group, equities research analysts expect that Parker-Hannifin Co. will post 26.64 EPS for the current year.

Parker-Hannifin Dividend Announcement

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