Eastern Bank Buys 4,791 Shares of Parker-Hannifin Co. (NYSE:PH)

Eastern Bank increased its holdings in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 11.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 48,000 shares of the industrial products company's stock after purchasing an additional 4,791 shares during the period. Eastern Bank's holdings in Parker-Hannifin were worth $30,529,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in PH. West Branch Capital LLC bought a new stake in Parker-Hannifin in the 3rd quarter valued at $25,000. Bangor Savings Bank boosted its holdings in Parker-Hannifin by 238.5% during the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 31 shares in the last quarter. Prestige Wealth Management Group LLC grew its stake in shares of Parker-Hannifin by 83.3% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company's stock valued at $35,000 after purchasing an additional 25 shares during the period. Bank of New Hampshire bought a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $35,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Parker-Hannifin during the 3rd quarter worth approximately $39,000. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Trading Up 1.2 %

Shares of NYSE PH traded up $7.72 during mid-day trading on Monday, hitting $637.76. The company's stock had a trading volume of 470,907 shares, compared to its average volume of 536,987. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. The stock has a market cap of $82.09 billion, a price-to-earnings ratio of 28.81, a price-to-earnings-growth ratio of 2.71 and a beta of 1.45. The company's fifty day simple moving average is $673.28 and its 200-day simple moving average is $615.81. Parker-Hannifin Co. has a one year low of $453.18 and a one year high of $712.42.

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, topping analysts' consensus estimates of $6.14 by $0.06. The firm had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The business's quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.96 EPS. On average, sell-side analysts anticipate that Parker-Hannifin Co. will post 26.75 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were given a $1.63 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.02%. Parker-Hannifin's dividend payout ratio is 29.45%.

Insiders Place Their Bets

In other news, CEO Jennifer A. Parmentier sold 4,906 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total value of $3,457,209.14. Following the completion of the transaction, the chief executive officer now owns 33,607 shares in the company, valued at $23,682,516.83. This represents a 12.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Andrew D. Ross sold 4,864 shares of the 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 transaction, the chief operating officer now owns 13,120 shares of the company's stock, valued at approximately $9,263,244.80. This trade represents a 27.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,077 shares of company stock worth $12,303,829. Company insiders own 0.39% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Truist Financial upped their price target on Parker-Hannifin from $788.00 to $842.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Jefferies Financial Group raised their price objective on shares of Parker-Hannifin from $765.00 to $810.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Argus lifted their target price on shares of Parker-Hannifin from $650.00 to $710.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Barclays lifted their price objective on Parker-Hannifin from $703.00 to $800.00 and gave the company an "overweight" rating in a research report on Thursday, December 5th. Finally, Robert W. Baird increased their target price on Parker-Hannifin from $695.00 to $710.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin presently has an average rating of "Moderate Buy" and an average target price of $722.94.

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.