Logan Capital Management Inc. Sells 473 Shares of Parker-Hannifin Co. (NYSE:PH)

Logan Capital Management Inc. decreased its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 6.4% in the third quarter, HoldingsChannel reports. The firm owned 6,900 shares of the industrial products company’s stock after selling 473 shares during the quarter. Logan Capital Management Inc.’s holdings in Parker-Hannifin were worth $4,359,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Addison Advisors LLC bought a new position in Parker-Hannifin in the second quarter worth about $25,000. West Branch Capital LLC purchased a new position in shares of Parker-Hannifin during the 3rd quarter worth approximately $25,000. Bangor Savings Bank raised its position in shares of Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 31 shares in the last quarter. Prestige Wealth Management Group LLC boosted its position in shares of Parker-Hannifin by 83.3% during the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 25 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in Parker-Hannifin in the third quarter worth $39,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Stifel Nicolaus downgraded Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price objective for the company. in a report on Monday, November 18th. Wells Fargo & Company lifted their price target on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. UBS Group assumed coverage on shares of Parker-Hannifin in a research note on Wednesday, November 13th. They set a “buy” rating and a $842.00 price objective on the stock. Truist Financial raised their target price 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, Argus lifted their target price on shares of Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $709.65.

Parker-Hannifin Trading Down 1.6 %

Shares of NYSE:PH opened at $671.90 on Friday. 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 1 year low of $440.00 and a 1 year high of $712.42. The company has a market cap of $86.49 billion, a P/E ratio of 30.35, a PEG ratio of 2.77 and a beta of 1.43. The stock’s fifty day moving average price is $668.62 and its 200-day moving average price is $595.71.

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

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend was Friday, November 8th. Parker-Hannifin’s dividend payout ratio is currently 29.45%.

Insiders Place Their Bets

In other news, COO Andrew D. Ross sold 4,864 shares of the 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 owns 13,120 shares in the company, valued at $9,263,244.80. This represents a 27.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the sale, the chief executive officer now owns 33,607 shares of the company’s stock, valued at $23,682,516.83. This trade represents a 12.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,077 shares of company stock valued at $12,303,829. Company 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.