Adirondack Trust Co. Sells 23 Shares of Parker-Hannifin Co. (NYSE:PH)

Adirondack Trust Co. decreased its holdings in Parker-Hannifin Co. (NYSE:PH) by 28.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 58 shares of the industrial products company’s stock after selling 23 shares during the quarter. Adirondack Trust Co.’s holdings in Parker-Hannifin were worth $37,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. TD Asset Management Inc grew its stake 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. raised its position in shares of Parker-Hannifin by 8.5% during the 1st 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. Concurrent Investment Advisors LLC lifted its stake in shares of Parker-Hannifin by 261.4% during the 1st 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 in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in Parker-Hannifin by 54.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 17,165 shares of the industrial products company’s stock worth $9,540,000 after buying an additional 6,029 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in Parker-Hannifin by 16.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 42,523 shares of the industrial products company’s stock worth $23,634,000 after buying an additional 6,013 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Up 0.9 %

Shares of NYSE PH opened at $632.79 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $639.87. The firm’s 50-day moving average price is $590.07 and its 200-day moving average price is $555.21. The stock has a market capitalization of $81.34 billion, a price-to-earnings ratio of 29.82, a P/E/G ratio of 2.55 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.22 by $0.55. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period last year, the company earned $6.08 EPS. On average, equities research analysts anticipate that Parker-Hannifin Co. will post 26.64 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PH. Stifel Nicolaus boosted their price objective on Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Evercore ISI upped their price target on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research note on Monday, August 19th. Truist Financial lifted their price objective on shares of Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, StockNews.com upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus price target of $649.86.

Insider Transactions at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of the stock in a transaction dated 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 $1,986,282. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 completion of the transaction, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.