Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Parker-Hannifin Co. (NYSE:PH - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 9,800 shares of the industrial products company's stock, valued at approximately $4,957,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. KP Management LLC purchased a new position in shares of Parker-Hannifin in the 2nd quarter valued at $3,035,000. Newbridge Financial Services Group Inc. grew its holdings in shares of Parker-Hannifin by 212.3% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,249 shares of the industrial products company's stock worth $632,000 after purchasing an additional 849 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Parker-Hannifin during the second quarter worth about $17,981,000. Creekside Partners purchased a new stake in shares of Parker-Hannifin in the 2nd quarter valued at about $207,000. Finally, Clearbridge Investments LLC lifted its stake in Parker-Hannifin by 52.5% in the second quarter. Clearbridge Investments LLC now owns 4,040 shares of the industrial products company's stock valued at $2,043,000 after buying an additional 1,390 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.
Insider Transactions at Parker-Hannifin
In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the firm's 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 transaction, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Joseph Scaminace sold 1,751 shares of the business's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the transaction, the director now owns 3,900 shares of the company's stock, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Berend Bracht sold 850 shares of the firm's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company's stock.
Analyst Ratings Changes
PH has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a "buy" rating in a research report on Friday, August 9th. Truist Financial reissued a "buy" rating and set a $673.00 price objective (up from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. TD Cowen upped their target price on shares of Parker-Hannifin from $500.00 to $520.00 and gave the company a "hold" rating in a report on Wednesday, September 11th. Raymond James raised their price target on Parker-Hannifin from $610.00 to $650.00 and gave the stock an "outperform" rating in a report on Wednesday, September 4th. Finally, Wells Fargo & Company upped their price objective on Parker-Hannifin from $600.00 to $640.00 and gave the company an "overweight" rating in a research note on Friday, August 9th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $636.64.
Check Out Our Latest Report on PH
Parker-Hannifin Price Performance
Shares of NYSE:PH traded up $4.37 on Friday, reaching $630.68. 291,993 shares of the company were exchanged, compared to its average volume of 582,400. The company has a 50-day moving average of $586.92 and a 200-day moving average of $554.21. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. The firm has a market cap of $81.15 billion, a price-to-earnings ratio of 29.72, a price-to-earnings-growth ratio of 2.55 and a beta of 1.43. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $639.87.
Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The company had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. During the same period in the prior year, the business posted $6.08 earnings per share. The firm's revenue for the quarter was up 1.8% compared to the same quarter last year. Equities analysts forecast that Parker-Hannifin Co. will post 26.64 earnings per share for the current fiscal year.
Parker-Hannifin Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a yield of 1.03%. Parker-Hannifin's payout ratio is 30.73%.
Parker-Hannifin Company Profile
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Free Report)
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.
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