Bank of Stockton Sells 244 Shares of Parker-Hannifin Co. (NYSE:PH)

Bank of Stockton trimmed its holdings in Parker-Hannifin Co. (NYSE:PH) by 3.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,321 shares of the industrial products company’s stock after selling 244 shares during the quarter. Parker-Hannifin accounts for 1.2% of Bank of Stockton’s portfolio, making the stock its 17th largest holding. Bank of Stockton’s holdings in Parker-Hannifin were worth $3,703,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. TD Asset Management Inc lifted its position in Parker-Hannifin by 152.1% in the first quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock worth $73,493,000 after purchasing an additional 79,774 shares during the period. Daiwa Securities Group Inc. lifted its position in Parker-Hannifin by 8.5% in the first quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock worth $12,761,000 after purchasing an additional 1,802 shares during the period. abrdn plc lifted its position in Parker-Hannifin by 57.8% in the fourth quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock worth $25,247,000 after purchasing an additional 20,073 shares during the period. Quadrature Capital Ltd bought a new position in Parker-Hannifin in the fourth quarter worth $4,068,000. Finally, Concurrent Investment Advisors LLC raised its stake in Parker-Hannifin by 261.4% during the first quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock worth $1,397,000 after acquiring an additional 1,819 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.03% of the company’s stock.

Parker-Hannifin Trading Up 1.1 %

PH stock traded up $6.52 during midday trading on Friday, reaching $593.82. The stock had a trading volume of 492,647 shares, compared to its average volume of 666,500. The business has a fifty day simple moving average of $538.48 and a two-hundred day simple moving average of $538.35. 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 firm has a market cap of $76.33 billion, a price-to-earnings ratio of 27.98, a PEG ratio of 2.37 and a beta of 1.44. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $594.10.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data 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. The firm had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company’s revenue was up 1.8% on a year-over-year basis. During the same period last year, the company earned $6.08 earnings per share. As a group, research analysts expect that Parker-Hannifin Co. will post 26.61 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, August 28th will be given a $1.63 dividend. The ex-dividend date is Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a yield of 1.10%. Parker-Hannifin’s payout ratio is 30.73%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Argus increased their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Robert W. Baird increased their price objective on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft increased their price objective on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $550.00 to $650.00 in a research note on Tuesday, May 28th. Finally, 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. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin has an average rating of “Moderate Buy” and a consensus target price of $620.14.

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.