Benjamin Edwards Inc. Raises Holdings in Parker-Hannifin Co. (NYSE:PH)

Benjamin Edwards Inc. raised its position in shares of Parker-Hannifin Co. (NYSE:PH) by 64.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 425 shares of the industrial products company’s stock after buying an additional 167 shares during the period. Benjamin Edwards Inc.’s holdings in Parker-Hannifin were worth $215,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Addison Advisors LLC purchased a new position in shares of Parker-Hannifin during the second quarter worth $25,000. Harbor Investment Advisory LLC boosted its position 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 buying an additional 20 shares during the period. Northwest Investment Counselors LLC purchased a new position in shares of Parker-Hannifin during the first quarter worth $31,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Parker-Hannifin during the fourth quarter worth $30,000. Finally, Fortitude Family Office LLC boosted its position 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 buying an additional 52 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Berend Bracht sold 850 shares of the firm’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 transaction, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction that occurred 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 approximately $2,299,947. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin 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 completion of the sale, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on PH shares. Stifel Nicolaus lowered their price target on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Wells Fargo & Company increased their price objective on Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Truist Financial reiterated a “buy” rating and issued a $673.00 price objective (up from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Barclays reduced their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Finally, Raymond James increased their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin has an average rating of “Moderate Buy” and a consensus price target of $624.43.

Parker-Hannifin Stock Down 0.4 %

PH opened at $623.77 on Friday. The business’s 50-day simple moving average is $571.23 and its 200-day simple moving average is $547.78. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $627.30. The stock has a market capitalization of $80.18 billion, a P/E ratio of 29.40, a price-to-earnings-growth ratio of 2.42 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, topping 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 business had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the previous year, the firm earned $6.08 earnings per share. The business’s revenue was up 1.8% compared to the same quarter last year. Analysts anticipate that Parker-Hannifin Co. will post 26.63 EPS for the current year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

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.