State Street Corp Purchases 753,143 Shares of Parker-Hannifin Co. (NYSE:PH)

State Street Corp boosted its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 13.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,202,235 shares of the industrial products company's stock after purchasing an additional 753,143 shares during the quarter. State Street Corp owned approximately 4.82% of Parker-Hannifin worth $3,918,696,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. CWM LLC increased its holdings in shares of Parker-Hannifin by 9.0% during the second quarter. CWM LLC now owns 4,017 shares of the industrial products company's stock valued at $2,032,000 after acquiring an additional 330 shares in the last quarter. CX Institutional lifted its stake in shares of Parker-Hannifin by 4.3% in the second quarter. CX Institutional now owns 2,379 shares of the industrial products company's stock worth $1,203,000 after buying an additional 99 shares in the last quarter. Capital Investment Advisors LLC bought a new stake in shares of Parker-Hannifin during the second quarter valued at approximately $208,000. QRG Capital Management Inc. increased its position in shares of Parker-Hannifin by 4.7% during the second quarter. QRG Capital Management Inc. now owns 9,374 shares of the industrial products company's stock valued at $4,742,000 after acquiring an additional 425 shares in the last quarter. Finally, Opal Wealth Advisors LLC purchased a new stake in Parker-Hannifin during the 2nd quarter valued at $39,000. 82.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PH shares. Jefferies Financial Group upped their price target on Parker-Hannifin from $765.00 to $810.00 and gave the company a "buy" rating in a report on Friday. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a "buy" rating in a research note on Friday, August 9th. KeyCorp raised their target price on shares of Parker-Hannifin from $725.00 to $775.00 and gave the stock an "overweight" rating in a report on Thursday, November 21st. Wells Fargo & Company boosted their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an "overweight" rating in a research note on Monday, October 7th. Finally, TD Cowen upped their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the company a "hold" rating in a research report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $704.88.

Parker-Hannifin Price Performance

Shares of NYSE PH traded up $1.36 during midday trading on Friday, reaching $696.07. The stock had a trading volume of 371,921 shares, compared to its average volume of 634,709. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. Parker-Hannifin Co. has a 12-month low of $431.98 and a 12-month high of $712.42. The stock has a 50-day moving average of $662.19 and a 200-day moving average of $589.65. The company has a market capitalization of $89.60 billion, a price-to-earnings ratio of 31.44, a price-to-earnings-growth ratio of 2.83 and a beta of 1.43.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The firm had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same quarter last year, the business posted $5.96 earnings per share. The firm's revenue was up 1.2% on a year-over-year basis. As a group, research analysts anticipate that Parker-Hannifin Co. will post 26.77 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. Investors of record on Friday, November 8th will be given a dividend of $1.63 per share. The ex-dividend date is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.94%. Parker-Hannifin's dividend payout ratio is 29.45%.

Insider Activity at Parker-Hannifin

In other news, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $9,263,244.80. This represents a 27.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the business's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the completion of the sale, the chief executive officer now owns 33,607 shares in the company, valued at $23,682,516.83. This represents a 12.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,077 shares of company stock valued at $12,303,829. Corporate 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.