Sax Wealth Advisors LLC Grows Position in Parker-Hannifin Co. (NYSE:PH)

Sax Wealth Advisors LLC grew its position in shares of Parker-Hannifin Co. (NYSE:PH) by 43.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,483 shares of the industrial products company’s stock after purchasing an additional 452 shares during the quarter. Sax Wealth Advisors LLC’s holdings in Parker-Hannifin were worth $943,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PH. Merit Financial Group LLC grew its position in Parker-Hannifin by 78.4% in the 4th quarter. Merit Financial Group LLC now owns 3,544 shares of the industrial products company’s stock worth $2,254,000 after purchasing an additional 1,557 shares in the last quarter. Procyon Advisors LLC increased its position in shares of Parker-Hannifin by 8.6% during the fourth quarter. Procyon Advisors LLC now owns 5,235 shares of the industrial products company’s stock valued at $3,330,000 after acquiring an additional 414 shares during the last quarter. Everpar Advisors LLC increased its position in shares of Parker-Hannifin by 1.3% during the fourth quarter. Everpar Advisors LLC now owns 1,339 shares of the industrial products company’s stock valued at $852,000 after acquiring an additional 17 shares during the last quarter. Empirical Asset Management LLC boosted its position in Parker-Hannifin by 23.8% in the fourth quarter. Empirical Asset Management LLC now owns 16,199 shares of the industrial products company’s stock worth $10,303,000 after purchasing an additional 3,119 shares during the last quarter. Finally, Fermata Advisors LLC grew its stake in Parker-Hannifin by 5.7% in the 4th quarter. Fermata Advisors LLC now owns 654 shares of the industrial products company’s stock valued at $416,000 after purchasing an additional 35 shares during the period. Institutional investors own 82.44% of the company’s stock.

Insider Activity

In related news, VP Thomas C. Gentile sold 2,430 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total value of $1,703,818.80. Following the transaction, the vice president now directly owns 5,465 shares in the company, valued at approximately $3,831,839.40. This represents a 30.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at $9,263,244.80. This represents a 27.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,077 shares of company stock worth $12,303,829 in the last three months. Corporate insiders own 0.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PH. TD Cowen lifted their target price on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Truist Financial lifted their price objective on shares of Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company reduced their target price on shares of Parker-Hannifin from $770.00 to $710.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Argus lifted their price target on shares of Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Finally, Robert W. Baird increased their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus price target of $722.94.

Parker-Hannifin Stock Performance

Shares of PH opened at $670.75 on Friday. Parker-Hannifin Co. has a 52-week low of $458.09 and a 52-week high of $712.42. The stock’s 50-day simple moving average is $671.45 and its 200 day simple moving average is $617.36. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The stock has a market capitalization of $86.34 billion, a price-to-earnings ratio of 30.30, a price-to-earnings-growth ratio of 2.54 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The firm had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the prior year, the business posted $5.96 earnings per share. The company’s revenue was up 1.2% on a year-over-year basis. Research analysts forecast that Parker-Hannifin Co. will post 26.75 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 8th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend was Friday, November 8th. Parker-Hannifin’s payout ratio is 29.45%.

Parker-Hannifin Company 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.