TAP Consulting LLC Invests $2.47 Million in Parker-Hannifin Co. (NYSE:PH)

TAP Consulting LLC bought a new stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 3,915 shares of the industrial products company's stock, valued at approximately $2,474,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. 1832 Asset Management L.P. boosted its holdings in shares of Parker-Hannifin by 305.0% during the first quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company's stock valued at $171,069,000 after acquiring an additional 231,788 shares during the period. AMF Tjanstepension AB boosted its holdings in shares of Parker-Hannifin by 23.0% during the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company's stock valued at $383,594,000 after acquiring an additional 141,862 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Parker-Hannifin by 107.7% during the second quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company's stock valued at $137,437,000 after acquiring an additional 140,898 shares during the period. Groupama Asset Managment acquired a new position in shares of Parker-Hannifin during the fourth quarter valued at $63,043,000. Finally, Congress Asset Management Co. MA boosted its holdings in shares of Parker-Hannifin by 503.9% during the first quarter. Congress Asset Management Co. MA now owns 156,196 shares of the industrial products company's stock valued at $86,812,000 after acquiring an additional 130,331 shares during the period. Institutional investors own 82.44% of the company's stock.

Insider Activity

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the firm's stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now owns 3,900 shares of the company's stock, valued at $2,299,947. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the firm's stock in a transaction that occurred on 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 trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Evercore ISI upped their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an "outperform" rating in a report on Monday, August 19th. Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $633.00 to $691.00 and gave the stock a "buy" rating in a report on Wednesday, October 2nd. StockNews.com raised shares of Parker-Hannifin from a "hold" rating to a "buy" rating in a report on Wednesday, October 2nd. TD Cowen upped their price objective on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a "hold" rating in a report on Wednesday, September 11th. Finally, Barclays upped their price objective on shares of Parker-Hannifin from $650.00 to $703.00 and gave the stock an "overweight" rating in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $649.86.

Parker-Hannifin Stock Up 0.9 %

Shares of PH traded up $5.66 during midday trading on Friday, reaching $637.18. 485,503 shares of the stock were exchanged, compared to its average volume of 640,334. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $640.00. The firm has a 50 day simple moving average of $593.45 and a 200-day simple moving average of $556.28. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The company has a market cap of $81.99 billion, a price-to-earnings ratio of 28.98, a P/E/G ratio of 2.57 and a beta of 1.43.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating analysts' consensus estimates of $6.22 by $0.55. The business had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.08 EPS. Research 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 issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin's dividend payout ratio is 29.92%.

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.