King Wealth Management Group Has $7.74 Million Holdings in Parker-Hannifin Co. (NYSE:PH)

King Wealth Management Group boosted its stake in Parker-Hannifin Co. (NYSE:PH - Free Report) by 439.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,245 shares of the industrial products company's stock after acquiring an additional 9,975 shares during the quarter. Parker-Hannifin accounts for 1.2% of King Wealth Management Group's portfolio, making the stock its 23rd largest position. King Wealth Management Group's holdings in Parker-Hannifin were worth $7,737,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. West Branch Capital LLC acquired a new stake in Parker-Hannifin in the 3rd quarter valued at $25,000. Bangor Savings Bank increased 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 valued at $28,000 after buying an additional 31 shares during the last quarter. Addison Advisors LLC acquired a new stake in Parker-Hannifin in the 2nd quarter valued at $25,000. Northwest Investment Counselors LLC acquired a new stake in Parker-Hannifin in the 3rd quarter valued at $39,000. Finally, Fortitude Family Office LLC increased its stake in shares of Parker-Hannifin by 346.7% during the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company's stock worth $34,000 after purchasing an additional 52 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,864 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $9,263,244.80. This represents a 27.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Joseph R. Leonti sold 5,877 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,927 shares of company stock valued at $12,807,811. Company insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Performance

NYSE PH traded up $1.28 during trading on Friday, reaching $698.91. The company's stock had a trading volume of 528,285 shares, compared to its average volume of 645,379. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $89.96 billion, a price-to-earnings ratio of 31.66, a price-to-earnings-growth ratio of 2.85 and a beta of 1.43. Parker-Hannifin Co. has a 12 month low of $425.20 and a 12 month high of $711.60. The firm has a 50 day moving average price of $633.64 and a 200 day moving average price of $573.94.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $4.90 billion. During the same quarter in the prior year, the firm posted $5.96 EPS. The firm's quarterly revenue was up 1.2% on a year-over-year basis. As a group, equities analysts anticipate that Parker-Hannifin Co. will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently declared 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. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date is Friday, November 8th. Parker-Hannifin's dividend payout ratio (DPR) is presently 29.45%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PH. Raymond James boosted their price objective on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 4th. Mizuho boosted their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the stock an "outperform" rating in a research note on Thursday, October 17th. StockNews.com upgraded shares of Parker-Hannifin from a "hold" rating to a "buy" rating in a research note on Saturday, October 12th. Truist Financial boosted their price objective on shares of Parker-Hannifin from $673.00 to $788.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Finally, Robert W. Baird boosted their price objective on shares of Parker-Hannifin from $695.00 to $710.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target 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.