Tower Bridge Advisors Buys 347 Shares of Parker-Hannifin Co. (NYSE:PH)

Tower Bridge Advisors increased its position in shares of Parker-Hannifin Co. (NYSE:PH) by 3.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,303 shares of the industrial products company’s stock after acquiring an additional 347 shares during the period. Tower Bridge Advisors’ holdings in Parker-Hannifin were worth $5,878,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. West Branch Capital LLC bought a new stake in Parker-Hannifin in the third quarter valued at approximately $25,000. Bangor Savings Bank lifted its position in Parker-Hannifin by 238.5% during the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after buying an additional 31 shares during the period. Addison Advisors LLC bought a new stake in Parker-Hannifin during the second quarter worth about $25,000. Northwest Investment Counselors LLC bought a new stake in shares of Parker-Hannifin in the 3rd quarter worth approximately $39,000. Finally, Fortitude Family Office LLC grew its stake in shares of Parker-Hannifin by 346.7% in the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Buying and Selling

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 value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. This trade represents a 20.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction 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 represents a 27.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,927 shares of company stock worth $12,807,811. Corporate insiders own 0.39% of the company’s stock.

Parker-Hannifin Stock Up 0.2 %

Shares of NYSE:PH opened at $698.91 on Friday. Parker-Hannifin Co. has a 52-week low of $425.20 and a 52-week high of $711.60. The stock has a market cap of $89.96 billion, a P/E ratio of 31.57, a PEG ratio of 2.82 and a beta of 1.43. The business has a fifty day moving average of $636.19 and a two-hundred day moving average of $575.15. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data 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. The firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the business posted $5.96 EPS. On average, research analysts expect that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid a $1.63 dividend. The ex-dividend date is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a yield of 0.93%. Parker-Hannifin’s dividend payout ratio is currently 29.45%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Raymond James boosted their price target on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. UBS Group assumed coverage on Parker-Hannifin in a report on Wednesday. They issued a “buy” rating and a $842.00 target price on the stock. Stifel Nicolaus upped their price target on shares of Parker-Hannifin from $633.00 to $691.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company increased their price objective on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $688.07.

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.