Jennison Associates LLC Purchases 39,837 Shares of Parker-Hannifin Co. (NYSE:PH)

Jennison Associates LLC raised its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 13.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 334,505 shares of the industrial products company's stock after purchasing an additional 39,837 shares during the quarter. Jennison Associates LLC owned 0.26% of Parker-Hannifin worth $211,347,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. PCJ Investment Counsel Ltd. boosted its holdings in shares of Parker-Hannifin by 27.2% in the 3rd quarter. PCJ Investment Counsel Ltd. now owns 6,360 shares of the industrial products company's stock valued at $4,018,000 after buying an additional 1,360 shares during the last quarter. Strategy Asset Managers LLC bought a new position in Parker-Hannifin in the 3rd quarter valued at about $355,000. PNC Financial Services Group Inc. boosted its holdings in shares of Parker-Hannifin by 0.5% during the third quarter. PNC Financial Services Group Inc. now owns 280,716 shares of the industrial products company's stock worth $177,362,000 after acquiring an additional 1,427 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Parker-Hannifin in the third quarter valued at approximately $5,619,000. Finally, SouthState Corp lifted its holdings in Parker-Hannifin by 4.9% during the 3rd quarter. SouthState Corp now owns 30,761 shares of the industrial products company's stock worth $19,435,000 after purchasing an additional 1,436 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors.

Insider Transactions at Parker-Hannifin

In related news, VP Joseph R. Leonti sold 5,877 shares of the firm's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the transaction, the vice president now directly owns 15,350 shares of the company's stock, valued at $9,686,464. This trade represents a 27.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 sale, the vice president now owns 3,350 shares of the company's stock, valued at approximately $1,986,282. This trade represents a 20.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,927 shares of company stock valued at $12,807,811 over the last ninety days. 0.39% of the stock is owned by company insiders.

Parker-Hannifin Trading Up 0.1 %

PH traded up $0.86 during trading on Wednesday, reaching $690.62. 233,366 shares of the stock traded hands, compared to its average volume of 641,458. The stock's 50-day moving average is $640.59 and its 200 day moving average is $577.60. Parker-Hannifin Co. has a 12 month low of $426.49 and a 12 month high of $711.60. 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 stock has a market capitalization of $88.90 billion, a PE ratio of 31.15, a P/E/G ratio of 2.82 and a beta of 1.43.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The company had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the previous year, the business posted $5.96 EPS. Parker-Hannifin's revenue for the quarter was up 1.2% compared to the same quarter last year. Equities 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 disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 annualized dividend and a dividend yield of 0.94%. Parker-Hannifin's dividend payout ratio is 29.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PH shares. Raymond James raised their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 4th. KeyCorp increased their price target on shares of Parker-Hannifin from $640.00 to $725.00 and gave the stock an "overweight" rating in a research report on Monday, October 14th. 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 research report on Friday, August 9th. Barclays raised their price objective on Parker-Hannifin from $650.00 to $703.00 and gave the company an "overweight" rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company boosted their target price on Parker-Hannifin from $640.00 to $710.00 and gave the stock an "overweight" rating in a research note on Monday, October 7th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $688.07.

About Parker-Hannifin

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.