Wedge Capital Management L L P NC Decreases Stock Position in Parker-Hannifin Co. (NYSE:PH)

Wedge Capital Management L L P NC cut its stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 15.0% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 20,946 shares of the industrial products company's stock after selling 3,706 shares during the period. Wedge Capital Management L L P NC's holdings in Parker-Hannifin were worth $13,234,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin in the 2nd quarter valued at approximately $25,000. Bangor Savings Bank raised its position in shares of 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 purchasing an additional 31 shares in the last quarter. Harbor Investment Advisory LLC raised its position in shares of Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 20 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Parker-Hannifin in the 1st quarter valued at approximately $31,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PH shares. Robert W. Baird upped their price objective on Parker-Hannifin from $622.00 to $654.00 and gave the stock an "outperform" rating in a research note on Friday, August 9th. KeyCorp upped their price objective on Parker-Hannifin from $640.00 to $725.00 and gave the company an "overweight" rating in a report on Monday. Stifel Nicolaus upped their target price on Parker-Hannifin from $633.00 to $691.00 and gave the company a "buy" rating in a report on Wednesday, October 2nd. Truist Financial upped their target price on Parker-Hannifin from $673.00 to $788.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Finally, Evercore ISI increased their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the stock an "outperform" rating in a research note on Monday, August 19th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $655.93.

Parker-Hannifin Stock Down 0.9 %

Shares of PH stock traded down $5.51 on Tuesday, reaching $638.02. 615,387 shares of the company were exchanged, compared to its average volume of 639,826. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $646.60. The company has a market cap of $82.01 billion, a price-to-earnings ratio of 30.33, a PEG ratio of 2.57 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The company has a 50-day moving average of $598.57 and a 200-day moving average of $557.54.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $5.08 billion. During the same quarter last year, the business posted $6.08 EPS. Parker-Hannifin's quarterly revenue was up 1.8% compared to the same quarter last year. Analysts anticipate that Parker-Hannifin Co. will post 26.64 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin's payout ratio is currently 30.73%.

Insider Buying and Selling at Parker-Hannifin

In other news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the transaction, the director now owns 3,900 shares in the company, valued at $2,299,947. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, VP Berend Bracht sold 850 shares of the company's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares of the company's stock, valued at approximately $1,986,282. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph Scaminace sold 1,751 shares of the business'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 transaction of $1,032,617.23. Following the transaction, the director now owns 3,900 shares of the company's stock, valued at approximately $2,299,947. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.03% of the company's stock.

About Parker-Hannifin

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.