Commerce Bank Sells 8,928 Shares of Parker-Hannifin Co. (NYSE:PH)

Commerce Bank lowered its holdings in Parker-Hannifin Co. (NYSE:PH - Free Report) by 6.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 141,106 shares of the industrial products company's stock after selling 8,928 shares during the quarter. Commerce Bank owned about 0.11% of Parker-Hannifin worth $89,154,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PH. Wilkinson Global Asset Management LLC boosted its holdings in Parker-Hannifin by 59.1% during the 3rd quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company's stock worth $24,700,000 after acquiring an additional 14,526 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Parker-Hannifin by 19.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 69,270 shares of the industrial products company's stock worth $38,500,000 after purchasing an additional 11,510 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Parker-Hannifin by 1.8% during the 1st quarter. Public Employees Retirement System of Ohio now owns 54,535 shares of the industrial products company's stock worth $30,310,000 after purchasing an additional 982 shares during the period. Swedbank AB bought a new stake in shares of Parker-Hannifin during the 1st quarter worth $20,140,000. Finally, Ritholtz Wealth Management raised its stake in shares of Parker-Hannifin by 88.4% during the 3rd quarter. Ritholtz Wealth Management now owns 1,473 shares of the industrial products company's stock worth $931,000 after purchasing an additional 691 shares during the period. Institutional investors and hedge funds own 82.44% of the company's stock.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock traded down $3.22 during trading on Wednesday, hitting $686.54. 150,825 shares of the company's stock traded hands, compared to its average volume of 641,091. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. Parker-Hannifin Co. has a 1 year low of $426.49 and a 1 year high of $711.60. The stock has a market capitalization of $88.37 billion, a P/E ratio of 31.15, a PEG ratio of 2.82 and a beta of 1.43. The business has a 50-day simple moving average of $640.59 and a 200-day simple moving average of $577.60.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $4.90 billion. During the same period last year, the firm posted $5.96 earnings per share. Parker-Hannifin's revenue was up 1.2% compared to the same quarter last year. As a group, analysts forecast that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Announces Dividend

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

Insiders Place Their Bets

In related news, VP Joseph R. Leonti sold 5,877 shares of Parker-Hannifin stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the sale, the vice president now owns 15,350 shares of the company's stock, valued at approximately $9,686,464. This trade represents a 27.69 % decrease in their position. 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 Parker-Hannifin stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. This trade represents a 20.24 % decrease in their position. 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. Insiders own 0.39% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Evercore ISI boosted their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the company an "outperform" rating in a research note on Monday, August 19th. Truist Financial upped their target price on Parker-Hannifin from $673.00 to $788.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Barclays upped their target price on Parker-Hannifin from $650.00 to $703.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 2nd. Argus increased their price objective on Parker-Hannifin from $650.00 to $710.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Finally, KeyCorp increased their price objective on Parker-Hannifin from $640.00 to $725.00 and gave the company an "overweight" rating in a research note on Monday, October 14th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company 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.