Synovus Financial Corp Boosts Holdings in Parker-Hannifin Co. (NYSE:PH)

Synovus Financial Corp grew its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 12.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,417 shares of the industrial products company’s stock after purchasing an additional 380 shares during the period. Synovus Financial Corp’s holdings in Parker-Hannifin were worth $2,159,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PH. CVA Family Office LLC lifted its position in Parker-Hannifin by 3.9% during the third quarter. CVA Family Office LLC now owns 425 shares of the industrial products company’s stock valued at $269,000 after buying an additional 16 shares during the period. Sonoma Private Wealth LLC increased its stake in shares of Parker-Hannifin by 2.9% in the 3rd quarter. Sonoma Private Wealth LLC now owns 667 shares of the industrial products company’s stock worth $421,000 after acquiring an additional 19 shares in the last quarter. W Advisors LLC lifted its position in Parker-Hannifin by 3.4% during the 3rd quarter. W Advisors LLC now owns 581 shares of the industrial products company’s stock valued at $367,000 after acquiring an additional 19 shares during the period. Simmons Bank boosted its stake in Parker-Hannifin by 0.7% during the third quarter. Simmons Bank now owns 2,753 shares of the industrial products company’s stock worth $1,739,000 after acquiring an additional 19 shares in the last quarter. Finally, CFS Investment Advisory Services LLC grew its holdings in Parker-Hannifin by 3.4% in the third quarter. CFS Investment Advisory Services LLC now owns 583 shares of the industrial products company’s stock worth $368,000 after purchasing an additional 19 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

PH opened at $671.82 on Monday. Parker-Hannifin Co. has a 12-month low of $440.00 and a 12-month high of $712.42. The company has a market cap of $86.48 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 2.71 and a beta of 1.43. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The company’s 50 day moving average is $668.62 and its 200 day moving average is $596.71.

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 the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The company’s revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the company posted $5.96 EPS. On average, equities research analysts predict that Parker-Hannifin Co. will post 26.75 EPS for the current year.

Parker-Hannifin Dividend Announcement

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

Insider Transactions at Parker-Hannifin

In other news, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total value of $1,703,818.80. Following the completion of the sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at $3,831,839.40. This represents a 30.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of Parker-Hannifin stock in a transaction on Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the transaction, the vice president now owns 15,350 shares in the company, valued at approximately $9,686,464. This trade represents a 27.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,077 shares of company stock valued at $12,303,829 over the last quarter. 0.39% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PH shares. Barclays lifted their target price on shares of Parker-Hannifin from $703.00 to $800.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. KeyCorp boosted their target price on Parker-Hannifin from $725.00 to $775.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Wells Fargo & Company raised their price target on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Mizuho lifted their price target on Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Wolfe Research raised shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $709.65.

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.