Kowal Investment Group LLC Acquires New Position in Parker-Hannifin Co. (NYSE:PH)

Kowal Investment Group LLC bought a new position in Parker-Hannifin Co. (NYSE:PH) in the second quarter, according to its most recent filing with the SEC. The firm bought 1,654 shares of the industrial products company’s stock, valued at approximately $837,000.

Several other large investors also recently bought and sold shares of the stock. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin during the second quarter worth $25,000. Harbor Investment Advisory LLC lifted its position 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 worth $29,000 after acquiring an additional 20 shares during the period. Newbridge Financial Services Group Inc. purchased a new stake in Parker-Hannifin during the 4th quarter valued at about $30,000. Northwest Investment Counselors LLC acquired a new position in shares of Parker-Hannifin in the first quarter valued at about $31,000. Finally, Fortitude Family Office LLC raised its stake in shares of Parker-Hannifin by 346.7% in 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 during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Activity

In related news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction that occurred on 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 sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Berend Bracht sold 850 shares of the firm’s 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 transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 transaction of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Parker-Hannifin Stock Down 0.4 %

Parker-Hannifin stock opened at $623.77 on Friday. 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 capitalization of $80.18 billion, a PE ratio of 29.40, a price-to-earnings-growth ratio of 2.42 and a beta of 1.43. The business 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 12 month low of $362.49 and a 12 month high of $627.30.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, topping the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The company had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. During the same quarter in the previous year, the firm earned $6.08 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. On average, analysts anticipate that Parker-Hannifin Co. will post 26.63 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The company 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 dividend yield of 1.05%. Parker-Hannifin’s payout ratio is currently 30.73%.

Wall Street Analyst Weigh In

PH has been the topic of a number of recent research reports. TD Cowen upped their target price on Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a research report on Wednesday, September 11th. Wells Fargo & Company upped their price objective on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a report 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 report on Friday, August 9th. Barclays lowered their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Finally, Stifel Nicolaus reduced their price objective on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.