JPMorgan Chase & Co. Trims Position in Parker-Hannifin Co. (NYSE:PH)

JPMorgan Chase & Co. lowered its stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 3.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,168,327 shares of the industrial products company's stock after selling 85,280 shares during the quarter. JPMorgan Chase & Co. owned about 1.68% of Parker-Hannifin worth $1,369,993,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in PH. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin during the second quarter worth $25,000. West Branch Capital LLC acquired a new position in Parker-Hannifin during the 3rd quarter valued at about $25,000. Bangor Savings Bank grew its stake in shares of Parker-Hannifin by 238.5% during the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company's stock worth $28,000 after acquiring an additional 31 shares during the last quarter. Prestige Wealth Management Group LLC increased its holdings in shares of Parker-Hannifin by 83.3% during the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company's stock valued at $35,000 after acquiring an additional 25 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Parker-Hannifin in the 3rd quarter valued at approximately $39,000. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded down $7.61 during trading on Friday, reaching $643.81. 392,475 shares of the company's stock traded hands, compared to its average volume of 636,709. The firm has a market cap of $82.87 billion, a PE ratio of 29.08, a P/E/G ratio of 2.71 and a beta of 1.43. The company has a 50-day simple moving average of $671.77 and a 200-day simple moving average of $604.77. 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 fifty-two week low of $440.00 and a fifty-two week high of $712.42.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping 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 business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the prior year, the company posted $5.96 EPS. The business's quarterly revenue was up 1.2% on a year-over-year basis. As a group, analysts predict that Parker-Hannifin Co. will post 26.75 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders 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 annualized dividend and a dividend yield of 1.01%. Parker-Hannifin's dividend payout ratio (DPR) is 29.45%.

Wall Street Analyst Weigh In

Several analysts have weighed in on PH shares. Jefferies Financial Group boosted their target price on shares of Parker-Hannifin from $765.00 to $810.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Truist Financial upped their target price on Parker-Hannifin from $788.00 to $842.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Stifel Nicolaus cut Parker-Hannifin from a "buy" rating to a "hold" rating and set a $691.00 price target for the company. in a research report on Monday, November 18th. UBS Group started coverage on Parker-Hannifin in a report on Wednesday, November 13th. They issued a "buy" rating and a $842.00 price objective on the stock. Finally, Mizuho lifted their target price on Parker-Hannifin from $665.00 to $715.00 and gave the stock an "outperform" rating in a report on Thursday, October 17th. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $712.82.

Insider Transactions at Parker-Hannifin

In related news, COO Andrew D. Ross sold 4,864 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the firm's stock in a transaction 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. The trade was a 12.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,077 shares of company stock valued at $12,303,829 over the last 90 days. Corporate 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.