Washington Trust Bank Increases Stock Holdings in Parker-Hannifin Corporation $PH

Washington Trust Bank boosted its position in Parker-Hannifin Corporation (NYSE:PH) by 9.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,124 shares of the industrial products company’s stock after purchasing an additional 1,589 shares during the quarter. Washington Trust Bank’s holdings in Parker-Hannifin were worth $12,659,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Achmea Investment Management B.V. lifted its position in Parker-Hannifin by 23.2% in the 2nd quarter. Achmea Investment Management B.V. now owns 16,024 shares of the industrial products company’s stock worth $11,193,000 after buying an additional 3,013 shares during the last quarter. SouthState Corp raised its stake in shares of Parker-Hannifin by 5.6% during the second quarter. SouthState Corp now owns 34,580 shares of the industrial products company’s stock worth $24,153,000 after acquiring an additional 1,827 shares in the last quarter. Resona Asset Management Co. Ltd. lifted its holdings in shares of Parker-Hannifin by 4.9% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 42,451 shares of the industrial products company’s stock worth $29,664,000 after acquiring an additional 1,993 shares during the last quarter. RFG Bristol Wealth Advisors LLC boosted its stake in shares of Parker-Hannifin by 488.6% in the 2nd quarter. RFG Bristol Wealth Advisors LLC now owns 1,960 shares of the industrial products company’s stock valued at $1,369,000 after purchasing an additional 1,627 shares in the last quarter. Finally, Simmons Bank grew its holdings in shares of Parker-Hannifin by 2.8% during the 2nd quarter. Simmons Bank now owns 5,417 shares of the industrial products company’s stock valued at $3,784,000 after purchasing an additional 146 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Insider Buying and Selling

In related news, VP Thomas C. Gentile sold 1,133 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $729.50, for a total transaction of $826,523.50. Following the completion of the sale, the vice president owned 5,465 shares of the company’s stock, valued at $3,986,717.50. This represents a 17.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Angela R. Ives sold 810 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $727.36, for a total transaction of $589,161.60. Following the completion of the sale, the vice president directly owned 2,798 shares in the company, valued at approximately $2,035,153.28. The trade was a 22.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 14,039 shares of company stock valued at $10,356,566 over the last three months. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on PH. Wall Street Zen upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, September 20th. Raymond James Financial raised their price target on Parker-Hannifin from $735.00 to $845.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Susquehanna initiated coverage on shares of Parker-Hannifin in a report on Friday, August 15th. They issued a “positive” rating and a $860.00 target price on the stock. Truist Financial increased their price target on shares of Parker-Hannifin from $822.00 to $910.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, Cowen reaffirmed a “hold” rating on shares of Parker-Hannifin in a research note on Friday, August 29th. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $794.35.

Parker-Hannifin Stock Up 0.7%

NYSE:PH opened at $774.32 on Thursday. The firm has a market cap of $97.99 billion, a P/E ratio of 28.55, a P/E/G ratio of 3.21 and a beta of 1.37. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $792.53. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.71 and a current ratio of 1.19. The firm has a 50-day simple moving average of $755.45 and a two-hundred day simple moving average of $709.53.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, August 7th. The industrial products company reported $7.69 EPS for the quarter, beating the consensus estimate of $7.08 by $0.61. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.10 billion. Parker-Hannifin had a net margin of 17.79% and a return on equity of 26.80%. The company’s revenue was up 1.1% on a year-over-year basis. During the same period last year, the firm earned $6.77 EPS. Analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 7th will be given a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, November 7th. Parker-Hannifin’s payout ratio is presently 26.55%.

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.