Eastern Bank Boosts Position in Parker-Hannifin Co. (NYSE:PH)

Eastern Bank raised its holdings in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 266.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,209 shares of the industrial products company's stock after acquiring an additional 31,406 shares during the period. Eastern Bank's holdings in Parker-Hannifin were worth $27,300,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. CVA Family Office LLC increased its stake in Parker-Hannifin by 3.9% in the 3rd quarter. CVA Family Office LLC now owns 425 shares of the industrial products company's stock worth $269,000 after purchasing an additional 16 shares during the period. Fidelis Capital Partners LLC increased its stake in shares of Parker-Hannifin by 2.3% in the first quarter. Fidelis Capital Partners LLC now owns 851 shares of the industrial products company's stock worth $473,000 after buying an additional 19 shares during the period. Sonoma Private Wealth LLC raised its holdings in Parker-Hannifin by 2.9% during the 3rd quarter. Sonoma Private Wealth LLC now owns 667 shares of the industrial products company's stock valued at $421,000 after buying an additional 19 shares during the last quarter. GoalVest Advisory LLC boosted its position in Parker-Hannifin by 40.0% during the 1st quarter. GoalVest Advisory LLC now owns 70 shares of the industrial products company's stock valued at $39,000 after buying an additional 20 shares during the period. Finally, Harbor Investment Advisory LLC increased its position in shares of Parker-Hannifin by 60.6% in the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 20 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Berend Bracht sold 850 shares of the company's stock in a transaction 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 completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Joseph Scaminace sold 1,751 shares of the 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 sale, the director now directly owns 3,900 shares of the company's stock, valued at $2,299,947. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Berend Bracht sold 850 shares of the business'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 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 position. The disclosure for this sale can be found here. Insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Down 1.6 %

Shares of Parker-Hannifin stock traded down $9.96 during midday trading on Tuesday, hitting $629.28. The company had a trading volume of 559,457 shares, compared to its average volume of 636,769. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $646.60. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. The stock has a market capitalization of $80.97 billion, a P/E ratio of 28.88, a P/E/G ratio of 2.60 and a beta of 1.43. The company has a 50 day moving average of $607.74 and a 200 day moving average of $560.54.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) 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 firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. During the same period in the prior year, the company posted $6.08 earnings per share. The company's quarterly revenue was up 1.8% on a year-over-year basis. On average, equities analysts predict that Parker-Hannifin Co. will post 26.68 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were issued 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 1.04%. Parker-Hannifin's dividend payout ratio is currently 29.92%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PH. Stifel Nicolaus raised their target price on Parker-Hannifin from $633.00 to $691.00 and gave the stock a "buy" rating in a research note on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft lifted their price objective on Parker-Hannifin from $595.00 to $645.00 and gave the stock a "buy" rating in a research report on Friday, August 9th. Evercore ISI upped their target price on Parker-Hannifin from $620.00 to $656.00 and gave the company an "outperform" rating in a report on Monday, August 19th. Raymond James lifted their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an "outperform" rating in a report on Wednesday, September 4th. Finally, KeyCorp upped their price objective on shares of Parker-Hannifin from $640.00 to $725.00 and gave the stock an "overweight" rating in a report on Monday, October 14th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $660.57.

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.