State of Alaska Department of Revenue Raises Stock Position in Parker-Hannifin Co. (NYSE:PH)

State of Alaska Department of Revenue increased its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 6.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,930 shares of the industrial products company's stock after purchasing an additional 955 shares during the quarter. State of Alaska Department of Revenue's holdings in Parker-Hannifin were worth $9,433,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PH. Addison Advisors LLC bought a new stake in shares of Parker-Hannifin in the 2nd quarter valued at about $25,000. West Branch Capital LLC bought a new position in Parker-Hannifin in the third quarter worth approximately $25,000. Bangor Savings Bank lifted its holdings in Parker-Hannifin by 238.5% during the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company's stock worth $28,000 after buying an additional 31 shares during the period. Fortitude Family Office LLC lifted its holdings in Parker-Hannifin by 346.7% during the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company's stock worth $34,000 after buying an additional 52 shares during the period. Finally, Crewe Advisors LLC bought a new stake in Parker-Hannifin during the 1st quarter valued at $38,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Performance

PH traded up $1.84 on Monday, reaching $623.58. 428,667 shares of the stock were exchanged, compared to its average volume of 633,656. The company's 50-day moving average price is $612.07 and its 200 day moving average price is $562.82. 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 firm has a market capitalization of $80.24 billion, a PE ratio of 28.62, a PEG ratio of 2.52 and a beta of 1.43. Parker-Hannifin Co. has a fifty-two week low of $362.49 and a fifty-two week high of $646.60.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results 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. 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 analyst estimates of $5.08 billion. During the same quarter in the prior year, the firm earned $6.08 earnings per share. Parker-Hannifin's revenue for the quarter was up 1.8% on a year-over-year basis. As a group, sell-side analysts forecast that Parker-Hannifin Co. will post 26.68 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin's payout ratio is 29.92%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PH shares. Deutsche Bank Aktiengesellschaft upped their price objective on Parker-Hannifin from $595.00 to $645.00 and gave the stock a "buy" rating in a research note on Friday, August 9th. Truist Financial increased their price target on shares of Parker-Hannifin from $673.00 to $788.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. StockNews.com upgraded shares of Parker-Hannifin from a "hold" rating to a "buy" rating in a research note on Saturday, October 12th. Wells Fargo & Company increased their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an "overweight" rating in a research report on Monday, October 7th. Finally, Barclays lifted their price target 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 analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $660.57.

Insiders Place Their Bets

In other news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 3,900 shares of the company's stock, valued at $2,299,947. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Parker-Hannifin 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.39% 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.