Tealwood Asset Management Inc. Sells 1,053 Shares of Parker-Hannifin Co. (NYSE:PH)

Tealwood Asset Management Inc. decreased its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 25.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,033 shares of the industrial products company's stock after selling 1,053 shares during the quarter. Tealwood Asset Management Inc.'s holdings in Parker-Hannifin were worth $1,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Legacy Private Trust Co. bought a new stake in Parker-Hannifin in the third quarter valued at approximately $3,087,000. Kesler Norman & Wride LLC lifted its position in Parker-Hannifin by 2.7% in the third quarter. Kesler Norman & Wride LLC now owns 9,405 shares of the industrial products company's stock valued at $5,944,000 after purchasing an additional 247 shares during the last quarter. Aprio Wealth Management LLC lifted its position in Parker-Hannifin by 20.1% in the third quarter. Aprio Wealth Management LLC now owns 597 shares of the industrial products company's stock valued at $377,000 after purchasing an additional 100 shares during the last quarter. Bangor Savings Bank lifted its position in Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 31 shares during the last quarter. Finally, Miracle Mile Advisors LLC lifted its position in Parker-Hannifin by 16.0% in the third quarter. Miracle Mile Advisors LLC now owns 4,381 shares of the industrial products company's stock valued at $2,768,000 after purchasing an additional 604 shares during the last quarter. Institutional investors own 82.44% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Wells Fargo & Company boosted their price objective on Parker-Hannifin from $640.00 to $710.00 and gave the company an "overweight" rating in a research report on Monday. Truist Financial restated a "buy" rating and set a $673.00 target price (up previously from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. TD Cowen upped their target price on Parker-Hannifin from $500.00 to $520.00 and gave the company a "hold" rating in a report on Wednesday, September 11th. Robert W. Baird upped their target price on Parker-Hannifin from $622.00 to $654.00 and gave the company an "outperform" rating in a report on Friday, August 9th. Finally, StockNews.com upgraded Parker-Hannifin from a "hold" rating to a "buy" rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $641.64.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock traded down $2.37 during trading on Tuesday, hitting $627.34. 327,287 shares of the company's stock traded hands, compared to its average volume of 644,392. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $639.87. The stock has a market capitalization of $80.64 billion, a P/E ratio of 29.67, a PEG ratio of 2.55 and a beta of 1.43. The business has a 50-day simple moving average of $588.55 and a 200-day simple moving average of $554.70.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating analysts' consensus estimates of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter in the prior year, the company earned $6.08 earnings per share. Parker-Hannifin's revenue was up 1.8% on a year-over-year basis. As a group, analysts forecast that Parker-Hannifin Co. will post 26.64 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.04%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin's dividend payout ratio (DPR) is currently 30.73%.

Insider Transactions at Parker-Hannifin

In other news, 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 value of $503,982.00. Following the transaction, the vice president now owns 3,350 shares of the company's stock, valued at $1,986,282. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the sale, the director now owns 3,900 shares in the company, valued at approximately $2,299,947. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction 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 stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now owns 3,350 shares of the company's stock, valued at $1,986,282. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.03% 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.