Front Street Capital Management Inc. Sells 211 Shares of Parker-Hannifin Co. (NYSE:PH)

Front Street Capital Management Inc. reduced its stake in Parker-Hannifin Co. (NYSE:PH) by 2.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,299 shares of the industrial products company’s stock after selling 211 shares during the period. Parker-Hannifin comprises 0.9% of Front Street Capital Management Inc.’s investment portfolio, making the stock its 27th largest position. Front Street Capital Management Inc.’s holdings in Parker-Hannifin were worth $4,704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Addison Advisors LLC purchased a new stake in shares of Parker-Hannifin during the second quarter valued at $25,000. Harbor Investment Advisory LLC raised its stake 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 valued at $29,000 after purchasing an additional 20 shares during the period. Northwest Investment Counselors LLC bought a new stake in Parker-Hannifin in the 1st quarter worth approximately $31,000. Newbridge Financial Services Group Inc. bought a new stake in Parker-Hannifin in the 4th quarter worth approximately $30,000. Finally, Fortitude Family Office LLC increased its stake in Parker-Hannifin by 346.7% in the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Activity

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Parker-Hannifin 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 value of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Berend Bracht sold 850 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the transaction, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $618.66 on Tuesday. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $627.30. The company has a market cap of $79.52 billion, a P/E ratio of 29.15, a PEG ratio of 2.42 and a beta of 1.43. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. The firm has a fifty day moving average price of $572.71 and a 200 day moving average price of $548.45.

Parker-Hannifin (NYSE:PH) 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 firm had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.08 billion. During the same period in the prior year, the firm earned $6.08 EPS. The business’s revenue was up 1.8% on a year-over-year basis. Sell-side analysts predict that Parker-Hannifin Co. will post 26.63 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were paid 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 dividend yield of 1.05%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Truist Financial restated a “buy” rating and set a $673.00 price target (up previously from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft increased their price target on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Wells Fargo & Company increased their price target on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $550.00 to $650.00 in a report on Tuesday, May 28th. Finally, TD Cowen upped their price objective on shares of Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a report on Wednesday, September 11th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and a consensus target price of $624.43.

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.