Wesbanco Bank Inc. Cuts Holdings in Parker-Hannifin Corporation $PH

Wesbanco Bank Inc. lowered its stake in shares of Parker-Hannifin Corporation (NYSE:PH) by 2.1% in the third quarter, Holdings Channel reports. The institutional investor owned 32,060 shares of the industrial products company’s stock after selling 693 shares during the period. Wesbanco Bank Inc.’s holdings in Parker-Hannifin were worth $24,306,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Chilton Capital Management LLC bought a new position in Parker-Hannifin in the third quarter worth about $29,000. Interchange Capital Partners LLC acquired a new stake in Parker-Hannifin during the 2nd quarter valued at approximately $31,000. Valley Wealth Managers Inc. purchased a new stake in shares of Parker-Hannifin in the 3rd quarter valued at $36,000. State of Wyoming purchased a new position in shares of Parker-Hannifin during the second quarter worth $38,000. Finally, Princeton Global Asset Management LLC lifted its position in Parker-Hannifin by 56.1% during the second quarter. Princeton Global Asset Management LLC now owns 64 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 23 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Trading Up 0.2%

PH stock opened at $978.49 on Tuesday. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $989.13. The business’s 50-day moving average is $910.86 and its 200 day moving average is $817.98. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market cap of $123.51 billion, a price-to-earnings ratio of 35.69, a PEG ratio of 3.33 and a beta of 1.25.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, beating the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.The business had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.07 billion. During the same quarter last year, the business posted $6.53 earnings per share. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 6th will be paid a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, February 6th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 26.26%.

Insider Activity

In related news, VP Berend Bracht sold 3,507 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $864.58, for a total transaction of $3,032,082.06. Following the completion of the sale, the vice president owned 2,580 shares of the company’s stock, valued at approximately $2,230,616.40. This represents a 57.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Matthew A. Jacobson sold 564 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $949.94, for a total transaction of $535,766.16. Following the completion of the transaction, the vice president directly owned 1,000 shares in the company, valued at $949,940. This trade represents a 36.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 10,769 shares of company stock valued at $9,649,169 in the last ninety days. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PH shares. Jefferies Financial Group increased their price target on Parker-Hannifin from $1,050.00 to $1,100.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Mizuho raised their target price on Parker-Hannifin from $800.00 to $825.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Citigroup boosted their price target on Parker-Hannifin from $1,074.00 to $1,092.00 and gave the company a “buy” rating in a report on Friday, January 30th. iA Financial set a $1,032.00 price objective on Parker-Hannifin in a research report on Thursday, January 29th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Parker-Hannifin in a report on Thursday, January 29th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $990.47.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.