Canada Pension Plan Investment Board grew its position in Parker-Hannifin Co. (NYSE:PH – Free Report) by 25.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 87,021 shares of the industrial products company’s stock after acquiring an additional 17,751 shares during the period. Canada Pension Plan Investment Board owned about 0.07% of Parker-Hannifin worth $44,016,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin in the second quarter worth about $25,000. Harbor Investment Advisory LLC increased its stake in shares of Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 20 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of Parker-Hannifin during the first quarter worth about $31,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth about $30,000. Finally, Fortitude Family Office LLC increased its stake in shares of Parker-Hannifin by 346.7% during the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 52 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.
Parker-Hannifin Stock Performance
Parker-Hannifin stock opened at $623.77 on Friday. The firm has a 50 day simple moving average of $571.23 and a 200-day simple moving average of $547.78. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $627.30. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The stock has a market cap of $80.18 billion, a price-to-earnings ratio of 29.40, a price-to-earnings-growth ratio of 2.42 and a beta of 1.43.
Parker-Hannifin Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were issued 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 1.05%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on PH. Stifel Nicolaus cut their target price on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Wells Fargo & Company boosted their target price on shares of Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. 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 research note on Friday, August 9th. Robert W. Baird boosted 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. Finally, Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their price objective for the company from $550.00 to $650.00 in a research note on Tuesday, May 28th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus target price of $624.43.
Read Our Latest Stock Analysis on PH
Insiders Place Their Bets
In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, 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 available at the SEC website. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, 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 available at the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The disclosure for this sale can be found here. 1.03% of the stock is owned by company insiders.
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.
See Also
- Five stocks we like better than Parker-Hannifin
- The 3 Best Fintech Stocks to Buy Now
- Take Advantage of Village Farms Stock as Cannabis Market Evolves
- Special Purpose Acquisition Company (SPAC) What You Need to Know
- MarketBeat Week in Review – 9/16 – 9/20
- What is a buyback in stocks? A comprehensive guide for investors
- Don’t Miss These 3 Retail Stocks for Fall Gains
Want to see what other hedge funds are holding PH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parker-Hannifin Co. (NYSE:PH – Free Report).
Receive News & Ratings for Parker-Hannifin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parker-Hannifin and related companies with MarketBeat.com's FREE daily email newsletter.