OneAscent Financial Services LLC Purchases New Shares in Parker-Hannifin Co. (NYSE:PH)

OneAscent Financial Services LLC bought a new position in Parker-Hannifin Co. (NYSE:PH - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,242 shares of the industrial products company's stock, valued at approximately $785,000.

A number of other institutional investors also recently modified their holdings of the stock. Boston Partners raised its stake in shares of Parker-Hannifin by 4.1% during the first quarter. Boston Partners now owns 1,111,720 shares of the industrial products company's stock worth $617,878,000 after buying an additional 43,535 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Parker-Hannifin by 1.3% during the second quarter. Legal & General Group Plc now owns 985,280 shares of the industrial products company's stock worth $498,366,000 after buying an additional 12,615 shares during the last quarter. AMF Tjanstepension AB raised its stake 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 worth $383,594,000 after buying an additional 141,862 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Parker-Hannifin by 11.6% during the second quarter. Bank of Montreal Can now owns 735,755 shares of the industrial products company's stock worth $378,572,000 after buying an additional 76,629 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in shares of Parker-Hannifin by 18.1% during the second quarter. Envestnet Asset Management Inc. now owns 652,539 shares of the industrial products company's stock worth $330,061,000 after buying an additional 99,959 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Stock Down 0.3 %

Shares of PH stock traded down $2.12 during trading on Tuesday, reaching $689.56. The company's stock had a trading volume of 337,347 shares, compared to its average volume of 643,280. The business has a fifty day moving average price of $640.59 and a 200-day moving average price of $577.60. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The company has a market cap of $88.76 billion, a price-to-earnings ratio of 31.15, a price-to-earnings-growth ratio of 2.82 and a beta of 1.43. Parker-Hannifin Co. has a one year low of $426.49 and a one year high of $711.60.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping analysts' consensus estimates of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the previous year, the firm posted $5.96 earnings per share. The firm's revenue for the quarter was up 1.2% on a year-over-year basis. Analysts anticipate that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin's dividend payout ratio (DPR) is currently 29.45%.

Insiders Place Their Bets

In other news, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction dated 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 of the company's stock, valued at $3,831,839.40. This represents a 30.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Berend Bracht sold 850 shares of the stock in a transaction dated Monday, August 26th. The shares were 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 directly owns 3,350 shares in the company, valued at $1,986,282. The trade was a 20.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,927 shares of company stock valued at $12,807,811. 0.39% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PH has been the subject of a number of analyst reports. Evercore ISI boosted their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an "outperform" rating in a report on Monday, August 19th. Argus boosted their price objective on shares of Parker-Hannifin from $650.00 to $710.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Mizuho boosted their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a "buy" rating in a report on Friday, August 9th. Finally, TD Cowen boosted their price objective on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a "hold" rating in a report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, Parker-Hannifin currently has an average rating of "Moderate Buy" and a consensus target price of $688.07.

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.