Newbridge Financial Services Group Inc. Buys 849 Shares of Parker-Hannifin Co. (NYSE:PH)

Newbridge Financial Services Group Inc. boosted its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 212.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,249 shares of the industrial products company’s stock after buying an additional 849 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Parker-Hannifin were worth $632,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Addison Advisors LLC purchased a new position in shares of Parker-Hannifin during the 2nd quarter worth about $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 valued at $29,000 after buying an additional 20 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of Parker-Hannifin during the first quarter valued at approximately $31,000. Fortitude Family Office LLC raised its holdings 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 buying an additional 52 shares during the period. Finally, Rise Advisors LLC bought a new stake in shares of Parker-Hannifin during the 1st quarter worth approximately $38,000. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Trading Down 0.3 %

Shares of NYSE PH opened at $630.14 on Wednesday. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $639.87. The business has a fifty day moving average price of $581.81 and a 200 day moving average price of $552.36. The stock has a market capitalization of $81.00 billion, a P/E ratio of 29.70, a price-to-earnings-growth ratio of 2.54 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results 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 analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the business earned $6.08 EPS. Equities research analysts expect that Parker-Hannifin Co. will post 26.63 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared 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. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s payout ratio is presently 30.73%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. StockNews.com lowered Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Stifel Nicolaus decreased their price objective on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Truist Financial restated 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. Barclays decreased their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Finally, Evercore ISI increased their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research note on Monday, August 19th. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $624.43.

Insider Activity

In related news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction 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 transaction, 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 SEC, which can be accessed through this link. In other news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin 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 in the company, valued at $2,299,947. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Berend Bracht sold 850 shares of the company’s stock in a transaction 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 transaction, 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 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.