TAP Consulting LLC bought a new stake in Parker-Hannifin Co. (NYSE:PH – Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,915 shares of the industrial products company’s stock, valued at approximately $2,474,000.
Several other hedge funds and other institutional investors have also made changes to their positions in PH. Addison Advisors LLC purchased a new position in shares of Parker-Hannifin in the 2nd quarter valued at approximately $25,000. Bangor Savings Bank raised its position in Parker-Hannifin by 238.5% during the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after buying an additional 31 shares during the last quarter. Harbor Investment Advisory LLC raised its position in Parker-Hannifin by 60.6% during the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after buying an additional 20 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new position in Parker-Hannifin during the 4th quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin during the 1st quarter worth approximately $31,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on the stock. Robert W. Baird lifted their target price on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Raymond James lifted their target price on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. StockNews.com raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Stifel Nicolaus boosted their price target on shares of Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Finally, Barclays boosted their price target 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. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus target price of $649.86.
Parker-Hannifin Trading Up 0.8 %
Shares of NYSE:PH traded up $5.25 during trading on Friday, reaching $636.77. 185,605 shares of the stock were exchanged, compared to its average volume of 638,865. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $640.00. The firm has a market cap of $81.93 billion, a price-to-earnings ratio of 28.98, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. The firm’s 50-day moving average price is $593.45 and its 200 day moving average price is $556.28.
Parker-Hannifin (NYSE:PH – Get Free Report) last announced its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. During the same period in the prior year, the company posted $6.08 EPS. Parker-Hannifin’s quarterly revenue was up 1.8% on a year-over-year basis. On average, sell-side analysts anticipate that Parker-Hannifin Co. will post 26.64 earnings per share for the current fiscal year.
Parker-Hannifin Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders 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 annualized dividend and a dividend yield of 1.02%. Parker-Hannifin’s dividend payout ratio (DPR) is 29.92%.
Insider Activity
In other news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the transaction, the director now owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the transaction, the director now owns 3,900 shares in the company, valued at $2,299,947. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Berend Bracht sold 850 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the transaction, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by company insiders.
Parker-Hannifin 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.
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