Wedmont Private Capital Raises Position in Parker-Hannifin Co. (NYSE:PH)

Wedmont Private Capital grew its position in shares of Parker-Hannifin Co. (NYSE:PH) by 4.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,286 shares of the industrial products company’s stock after buying an additional 106 shares during the quarter. Wedmont Private Capital’s holdings in Parker-Hannifin were worth $1,440,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. 1832 Asset Management L.P. boosted its stake in Parker-Hannifin by 305.0% during the 1st quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock valued at $171,069,000 after purchasing an additional 231,788 shares during the last quarter. AMF Tjanstepension AB lifted its holdings in shares of Parker-Hannifin by 23.0% during the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of Parker-Hannifin by 107.7% during the second quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company’s stock valued at $137,437,000 after buying an additional 140,898 shares during the last quarter. Groupama Asset Managment bought a new stake in Parker-Hannifin in the 4th quarter worth about $63,043,000. Finally, Congress Asset Management Co. MA raised its position in Parker-Hannifin by 503.9% in the 1st quarter. Congress Asset Management Co. MA now owns 156,196 shares of the industrial products company’s stock worth $86,812,000 after buying an additional 130,331 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Insider Transactions at Parker-Hannifin

In related news, 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 value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the transaction, the vice president now owns 3,350 shares in the company, valued at $1,986,282. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.39% of the company’s stock.

Parker-Hannifin Trading Down 0.2 %

Shares of NYSE:PH opened at $631.47 on Friday. The stock has a 50 day moving average of $591.50 and a 200 day moving average of $555.75. The company has a market cap of $81.25 billion, a PE ratio of 28.98, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $639.87. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business posted $6.08 earnings per share. As a group, equities research analysts expect that Parker-Hannifin Co. will post 26.64 EPS for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were given a $1.63 dividend. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.03%. Parker-Hannifin’s payout ratio is 29.92%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Raymond James lifted their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Truist Financial lifted their target price on shares of Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research report on Wednesday. Robert W. Baird increased their price target on Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Wells Fargo & Company lifted their price objective on Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Stifel Nicolaus increased their target price on Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $649.86.

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.