Bangor Savings Bank Buys 31 Shares of Parker-Hannifin Co. (NYSE:PH)

Bangor Savings Bank increased its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 238.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44 shares of the industrial products company’s stock after acquiring an additional 31 shares during the quarter. Bangor Savings Bank’s holdings in Parker-Hannifin were worth $28,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of PH. Miracle Mile Advisors LLC lifted its holdings in Parker-Hannifin by 16.0% in the 3rd quarter. Miracle Mile Advisors LLC now owns 4,381 shares of the industrial products company’s stock worth $2,768,000 after buying an additional 604 shares during the period. Chemistry Wealth Management LLC purchased a new stake in Parker-Hannifin in the 3rd quarter worth approximately $200,000. Smith Anglin Financial LLC purchased a new stake in Parker-Hannifin in the 3rd quarter worth approximately $236,000. Diversified Trust Co lifted its holdings in Parker-Hannifin by 11.4% in the 3rd quarter. Diversified Trust Co now owns 978 shares of the industrial products company’s stock worth $618,000 after buying an additional 100 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Parker-Hannifin by 41.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,306 shares of the industrial products company’s stock worth $1,457,000 after buying an additional 680 shares during the period. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Stock Down 0.4 %

PH stock opened at $627.34 on Wednesday. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $639.87. 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 firm has a market cap of $80.64 billion, a PE ratio of 29.56, a price-to-earnings-growth ratio of 2.55 and a beta of 1.43. The business has a 50 day moving average of $588.55 and a 200 day moving average of $554.70.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data 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. 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 during the quarter, compared to analyst estimates of $5.08 billion. During the same quarter last year, the company earned $6.08 EPS. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, research analysts forecast that Parker-Hannifin Co. will post 26.64 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

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 $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s payout ratio is 30.73%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Truist Financial reiterated a “buy” rating and issued a $673.00 price objective (up previously from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Wells Fargo & Company increased their price objective on Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a report on Monday. Evercore ISI increased their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a report on Monday, August 19th. Deutsche Bank Aktiengesellschaft increased their price objective on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, TD Cowen raised their target price on Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a research note on Wednesday, September 11th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $641.64.

Insiders Place Their Bets

In related news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin 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 completion of the sale, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the sale, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

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.