Edge Capital Group LLC Boosts Stake in Parker-Hannifin Co. (NYSE:PH)

Edge Capital Group LLC boosted its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 4.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,954 shares of the industrial products company’s stock after acquiring an additional 442 shares during the period. Edge Capital Group LLC’s holdings in Parker-Hannifin were worth $5,035,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PH. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin during the 2nd quarter valued at about $25,000. Harbor Investment Advisory LLC grew its stake in shares of Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after buying an additional 20 shares during the period. Northwest Investment Counselors LLC purchased a new stake in shares of Parker-Hannifin in the 1st quarter valued at approximately $31,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $30,000. Finally, Fortitude Family Office LLC raised its position in shares of Parker-Hannifin by 346.7% during the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock valued at $34,000 after buying an additional 52 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on PH. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and raised their target price for the stock from $550.00 to $650.00 in a research note on Tuesday, May 28th. Barclays decreased their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. TD Cowen boosted 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. Finally, Raymond James raised their price target on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $624.43.

Insider Activity

In related news, VP Berend Bracht sold 850 shares of the company’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 value of $503,982.00. Following the completion of the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the company’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 transaction, the director now 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 %

Shares of NYSE:PH opened at $623.77 on Friday. Parker-Hannifin Co. has a fifty-two week low of $362.49 and a fifty-two week high of $627.30. The firm’s 50 day moving average price is $571.23 and its 200 day moving average price is $547.78. 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 stock has a market cap of $80.18 billion, a price-to-earnings ratio of 29.40, a price-to-earnings-growth ratio of 2.42 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last announced 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. The business had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The company’s revenue was up 1.8% on a year-over-year basis. During the same period last year, the business earned $6.08 EPS. As a group, equities research analysts predict that Parker-Hannifin Co. will post 26.63 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

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

Parker-Hannifin 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.