Richardson Financial Services Inc. Sells 66 Shares of Parker-Hannifin Co. (NYSE:PH)

Richardson Financial Services Inc. lowered its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 6.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 984 shares of the industrial products company’s stock after selling 66 shares during the quarter. Richardson Financial Services Inc.’s holdings in Parker-Hannifin were worth $498,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. TD Asset Management Inc grew its position in shares of Parker-Hannifin by 152.1% during the 1st quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock valued at $73,493,000 after acquiring an additional 79,774 shares during the period. Daiwa Securities Group Inc. grew its holdings in Parker-Hannifin by 8.5% during the first quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock valued at $12,761,000 after purchasing an additional 1,802 shares during the period. Quadrature Capital Ltd purchased a new stake in Parker-Hannifin in the fourth quarter worth $4,068,000. Concurrent Investment Advisors LLC raised its stake in shares of Parker-Hannifin by 261.4% in the first quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock valued at $1,397,000 after buying an additional 1,819 shares during the period. Finally, Lockheed Martin Investment Management Co. lifted its position in shares of Parker-Hannifin by 18.1% during the 4th quarter. Lockheed Martin Investment Management Co. now owns 56,070 shares of the industrial products company’s stock valued at $25,831,000 after buying an additional 8,600 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

NYSE:PH opened at $608.97 on Thursday. The stock has a market cap of $78.28 billion, a P/E ratio of 28.70, a PEG ratio of 2.39 and a beta of 1.43. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The business’s 50-day moving average price is $567.55 and its two-hundred day moving average price is $546.47. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $619.86.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The business had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. Parker-Hannifin’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the firm posted $6.08 earnings per share. As a group, equities analysts predict that Parker-Hannifin Co. will post 26.63 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a yield of 1.07%. Parker-Hannifin’s payout ratio is 30.73%.

Analyst Ratings Changes

Several brokerages recently weighed in on PH. Wells Fargo & Company lifted their price objective on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Raymond James upped their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. TD Cowen raised their price objective on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a report on Wednesday, September 11th. Finally, Truist Financial reissued a “buy” rating and set a $673.00 target price (up previously from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $624.43.

Insiders Place Their Bets

In related news, VP Berend Bracht sold 850 shares of the firm’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 directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The shares were 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 of the company’s stock, valued at approximately $1,986,282. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction on 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 completion of the sale, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

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.