Main Street Financial Solutions LLC Reduces Position in Parker-Hannifin Co. (NYSE:PH)

Main Street Financial Solutions LLC lowered its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 81.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 487 shares of the industrial products company's stock after selling 2,105 shares during the period. Main Street Financial Solutions LLC's holdings in Parker-Hannifin were worth $308,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Schrum Private Wealth Management LLC acquired a new stake in Parker-Hannifin during the 3rd quarter worth about $382,000. Kovack Advisors Inc. raised its holdings in Parker-Hannifin by 30.5% in the 3rd quarter. Kovack Advisors Inc. now owns 590 shares of the industrial products company's stock valued at $373,000 after acquiring an additional 138 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in Parker-Hannifin by 2.5% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 7,048 shares of the industrial products company's stock valued at $4,453,000 after acquiring an additional 174 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Parker-Hannifin by 2.7% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 24,033 shares of the industrial products company's stock worth $15,185,000 after buying an additional 628 shares during the last quarter. Finally, Pinnacle Financial Partners Inc increased its holdings in shares of Parker-Hannifin by 2.3% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 3,240 shares of the industrial products company's stock worth $2,047,000 after buying an additional 74 shares during the last quarter. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Stock Up 0.2 %

Parker-Hannifin stock traded up $1.28 during trading hours on Friday, hitting $698.91. The company had a trading volume of 528,285 shares, compared to its average volume of 645,379. The firm's fifty day moving average is $633.64 and its 200-day moving average is $573.94. Parker-Hannifin Co. has a fifty-two week low of $425.20 and a fifty-two week high of $711.60. The firm has a market capitalization of $89.96 billion, a P/E ratio of 31.66, a price-to-earnings-growth ratio of 2.85 and a beta of 1.43. 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 (NYSE:PH - Get Free Report) last posted 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. The firm had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The company's quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the company posted $5.96 EPS. On average, research analysts forecast that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 0.93%. The ex-dividend date is Friday, November 8th. Parker-Hannifin's payout ratio is presently 29.45%.

Analyst Upgrades and Downgrades

PH has been the topic of a number of research analyst reports. UBS Group initiated coverage on shares of Parker-Hannifin in a report on Wednesday. They set a "buy" rating and a $842.00 price objective on the stock. Truist Financial raised their price target on shares of Parker-Hannifin from $673.00 to $788.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a "buy" rating in a research note on Friday, August 9th. KeyCorp increased their price objective on shares of Parker-Hannifin from $640.00 to $725.00 and gave the company an "overweight" rating in a research note on Monday, October 14th. Finally, Mizuho increased their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $688.07.

Insider Activity

In other news, CEO Jennifer A. Parmentier sold 4,906 shares of Parker-Hannifin 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 sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction on 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 directly owns 3,350 shares of the company's stock, valued at approximately $1,986,282. The trade was 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 currently owned by company insiders.

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.