Lazard Freres Gestion S.A.S. Sells 19,394 Shares of Parker-Hannifin Co. (NYSE:PH)

Lazard Freres Gestion S.A.S. lessened its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 7.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 251,184 shares of the industrial products company’s stock after selling 19,394 shares during the period. Parker-Hannifin accounts for approximately 3.4% of Lazard Freres Gestion S.A.S.’s holdings, making the stock its 11th biggest position. Lazard Freres Gestion S.A.S.’s holdings in Parker-Hannifin were worth $158,703,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

Several research firms have commented on PH. Barclays increased their price objective on shares of Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. Raymond James lifted their price target 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 raised their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Truist Financial boosted their price objective on shares of Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Stifel Nicolaus lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 target price for the company. in a report on Monday, November 18th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus target price of $691.40.

Insider Activity at Parker-Hannifin

In other news, CEO Jennifer A. Parmentier sold 4,906 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total value of $3,457,209.14. Following the sale, the chief executive officer now owns 33,607 shares in the company, valued at $23,682,516.83. This represents a 12.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Andrew D. Ross sold 4,864 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were 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 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. Insiders have sold a total of 18,077 shares of company stock valued at $12,303,829 in the last ninety days. Company insiders own 0.39% of the company’s stock.

Parker-Hannifin Stock Down 0.1 %

PH stock traded down $0.39 on Tuesday, hitting $704.03. 13,502 shares of the company’s stock were exchanged, compared to its average volume of 641,207. The firm has a 50 day moving average price of $649.47 and a two-hundred day moving average price of $581.74. Parker-Hannifin Co. has a 12-month low of $426.49 and a 12-month high of $712.42. The stock has a market cap of $90.62 billion, a P/E ratio of 31.82, a price-to-earnings-growth ratio of 2.85 and a beta of 1.43. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.96 earnings per share. As a group, equities research analysts expect that Parker-Hannifin Co. will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

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

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.