Frank Rimerman Advisors LLC Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Frank Rimerman Advisors LLC bought a new position in shares of Parker-Hannifin Co. (NYSE:PH) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 3,141 shares of the industrial products company’s stock, valued at approximately $1,589,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin in the second quarter valued at approximately $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 buying an additional 20 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new position in shares of Parker-Hannifin during the 4th quarter worth about $30,000. Northwest Investment Counselors LLC bought a new position in shares of Parker-Hannifin in the 1st quarter valued at about $31,000. Finally, Fortitude Family Office LLC increased its position 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 valued at $34,000 after acquiring an additional 52 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

PH has been the subject of several recent research reports. Stifel Nicolaus reduced 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. Truist Financial reissued a “buy” rating and issued a $673.00 target price (up from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Robert W. Baird upped their price target on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company upped their target price 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. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and an average target price of $624.43.

Insider Transactions at Parker-Hannifin

In related news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the sale, the director now owns 3,900 shares in the company, valued at approximately $2,299,947. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction that occurred 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 sale, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Parker-Hannifin Trading Down 0.4 %

Shares of PH opened at $623.77 on Monday. 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 52-week low of $362.49 and a 52-week high of $627.30. The firm has a market cap of $80.18 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 2.42 and a beta of 1.43. The business’s fifty day moving average is $571.23 and its 200-day moving average is $547.89.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The firm had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.08 earnings per share. Equities analysts anticipate that Parker-Hannifin Co. will post 26.63 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were paid 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 presently 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.