Minneapolis Portfolio Management Group LLC Trims Position in Parker-Hannifin Co. (NYSE:PH)

Minneapolis Portfolio Management Group LLC lowered its holdings in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 2.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,879 shares of the industrial products company's stock after selling 1,362 shares during the quarter. Parker-Hannifin comprises about 4.1% of Minneapolis Portfolio Management Group LLC's investment portfolio, making the stock its 9th biggest position. Minneapolis Portfolio Management Group LLC's holdings in Parker-Hannifin were worth $31,515,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

PH has been the topic of several analyst reports. Evercore ISI upped their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the company an "outperform" rating in a research note on Monday, August 19th. StockNews.com upgraded Parker-Hannifin from a "hold" rating to a "buy" rating in a research report on Saturday, October 12th. Raymond James lifted their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the company an "outperform" rating in a report on Wednesday, September 4th. Truist Financial boosted their target price on shares of Parker-Hannifin from $673.00 to $788.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Finally, KeyCorp increased their target price on shares of Parker-Hannifin from $640.00 to $725.00 and gave the stock an "overweight" rating in a research 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 stock. According to MarketBeat, Parker-Hannifin has a consensus rating of "Moderate Buy" and a consensus target price of $664.57.

Insider Transactions at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the sale, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin 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 transaction, the director now directly owns 3,900 shares of the company's stock, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin 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 completion of the transaction, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by insiders.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock traded up $0.96 during trading on Friday, hitting $635.03. 1,040,558 shares of the stock were exchanged, compared to its average volume of 525,001. Parker-Hannifin Co. has a 1-year low of $395.00 and a 1-year high of $646.60. The stock has a market capitalization of $81.71 billion, a price-to-earnings ratio of 28.68, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. The company has a fifty day moving average price of $615.46 and a 200-day moving average price of $565.22. The company has a current ratio of 0.96, a quick ratio of 0.55 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. Parker-Hannifin's revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.96 EPS. As a group, equities analysts predict that Parker-Hannifin Co. will post 26.67 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.03%. Parker-Hannifin's payout ratio is 29.45%.

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.