Cinctive Capital Management LP Takes $1.33 Million Position in Parker-Hannifin Co. (NYSE:PH)

Cinctive Capital Management LP purchased a new stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,108 shares of the industrial products company's stock, valued at approximately $1,332,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. West Branch Capital LLC purchased a new stake in shares of Parker-Hannifin during the third quarter valued at $25,000. Bangor Savings Bank lifted its stake in Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company's stock worth $28,000 after acquiring an additional 31 shares in the last quarter. Addison Advisors LLC purchased a new stake in Parker-Hannifin in the 2nd quarter worth about $25,000. Northwest Investment Counselors LLC purchased a new stake in Parker-Hannifin in the 3rd quarter worth about $39,000. Finally, Fortitude Family Office LLC lifted its stake in Parker-Hannifin by 346.7% in the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company's stock worth $34,000 after acquiring an additional 52 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

PH traded down $4.34 during trading on Wednesday, hitting $696.56. The company's stock had a trading volume of 428,850 shares, compared to its average volume of 636,554. The firm's 50 day moving average price is $661.02 and its two-hundred day moving average price is $588.91. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. Parker-Hannifin Co. has a 12 month low of $431.98 and a 12 month high of $712.42. The stock has a market capitalization of $89.66 billion, a price-to-earnings ratio of 31.46, a price-to-earnings-growth ratio of 2.83 and a beta of 1.43.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS 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 company had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same period last year, the firm earned $5.96 EPS. The business's revenue for the quarter was up 1.2% on a year-over-year basis. Sell-side analysts forecast that Parker-Hannifin Co. will post 26.77 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid a dividend of $1.63 per share. The ex-dividend date is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.94%. Parker-Hannifin's dividend payout ratio (DPR) is presently 29.45%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PH shares. Stifel Nicolaus downgraded Parker-Hannifin from a "buy" rating to a "hold" rating and set a $691.00 price target for the company. in a research note on Monday, November 18th. Raymond James increased their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the company an "outperform" rating in a report on Wednesday, September 4th. Evercore ISI increased their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the company an "outperform" rating in a report on Monday, August 19th. Truist Financial increased their price objective on Parker-Hannifin from $673.00 to $788.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Finally, TD Cowen raised their target price on Parker-Hannifin from $520.00 to $575.00 and gave the company a "hold" rating in a report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $691.40.

Insider Buying and Selling at Parker-Hannifin

In other news, COO Andrew D. Ross sold 4,864 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at $9,263,244.80. The trade was a 27.05 % 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, VP Thomas C. Gentile sold 2,430 shares of the company's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total value of $1,703,818.80. Following the sale, the vice president now owns 5,465 shares in the company, valued at $3,831,839.40. The trade was a 30.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,077 shares of company stock valued at $12,303,829. Company insiders own 0.39% of the company's stock.

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.