Franklin Resources Inc. Purchases 181,859 Shares of Parker-Hannifin Co. (NYSE:PH)

Franklin Resources Inc. raised its stake in Parker-Hannifin Co. (NYSE:PH - Free Report) by 39.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 645,516 shares of the industrial products company's stock after purchasing an additional 181,859 shares during the quarter. Franklin Resources Inc. owned about 0.50% of Parker-Hannifin worth $415,409,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. West Branch Capital LLC purchased a new stake in shares of Parker-Hannifin during the 3rd quarter valued at about $25,000. Bangor Savings Bank grew its position in Parker-Hannifin by 238.5% in the third 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. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin during the second quarter worth $25,000. Prestige Wealth Management Group LLC boosted its stake in shares of Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company's stock valued at $35,000 after purchasing an additional 25 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new stake in Parker-Hannifin during the 3rd quarter valued at $39,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. UBS Group assumed coverage on shares of Parker-Hannifin in a report on Wednesday, November 13th. They issued a "buy" rating and a $842.00 price objective on the stock. Truist Financial increased their price target on Parker-Hannifin from $673.00 to $788.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Stifel Nicolaus lowered Parker-Hannifin from a "buy" rating to a "hold" rating and set a $691.00 target price on the stock. in a research report on Monday, November 18th. Raymond James increased their target price on Parker-Hannifin from $610.00 to $650.00 and gave the company an "outperform" rating in a research note on Wednesday, September 4th. Finally, Jefferies Financial Group lifted their price target on shares of Parker-Hannifin from $765.00 to $810.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and an average target price of $709.65.

Insiders Place Their Bets

In related news, VP Joseph R. Leonti sold 5,877 shares of Parker-Hannifin stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $631.04, for a total value of $3,708,622.08. Following the transaction, the vice president now directly owns 15,350 shares of the company's stock, valued at $9,686,464. The trade was a 27.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Thomas C. Gentile sold 2,430 shares of the company's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the sale, the vice president now directly owns 5,465 shares in the company, valued at $3,831,839.40. This trade represents a 30.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,077 shares of company stock worth $12,303,829 over the last three months. Insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Down 1.6 %

Parker-Hannifin stock traded down $10.75 during mid-day trading on Friday, hitting $671.82. 626,889 shares of the company's stock were exchanged, compared to its average volume of 634,676. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average of $668.62 and a two-hundred day moving average of $595.71. The stock has a market cap of $86.48 billion, a P/E ratio of 30.34, a P/E/G ratio of 2.77 and a beta of 1.43. Parker-Hannifin Co. has a 1-year low of $440.00 and a 1-year high of $712.42.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping analysts' consensus estimates of $6.14 by $0.06. The company 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%. The company's revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the firm posted $5.96 earnings per share. As a group, analysts anticipate that Parker-Hannifin Co. will post 26.75 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date of this dividend was Friday, November 8th. Parker-Hannifin's dividend payout ratio (DPR) is presently 29.45%.

Parker-Hannifin Company 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.