PCJ Investment Counsel Ltd. Increases Stake in Parker-Hannifin Co. (NYSE:PH)

PCJ Investment Counsel Ltd. raised its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 27.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,360 shares of the industrial products company’s stock after buying an additional 1,360 shares during the period. Parker-Hannifin comprises 1.3% of PCJ Investment Counsel Ltd.’s portfolio, making the stock its 25th largest holding. PCJ Investment Counsel Ltd.’s holdings in Parker-Hannifin were worth $4,018,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC grew its stake in Parker-Hannifin by 64,081.5% during the third quarter. International Assets Investment Management LLC now owns 381,880 shares of the industrial products company’s stock valued at $241,279,000 after acquiring an additional 381,285 shares in the last quarter. Mizuho Securities USA LLC lifted its holdings in shares of Parker-Hannifin by 3,566.4% in the 3rd quarter. Mizuho Securities USA LLC now owns 363,302 shares of the industrial products company’s stock worth $229,541,000 after acquiring an additional 353,393 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in shares of Parker-Hannifin by 305.0% in the 1st quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock worth $171,069,000 after acquiring an additional 231,788 shares during the last quarter. AMF Tjanstepension AB lifted its holdings in Parker-Hannifin by 23.0% during the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after buying an additional 141,862 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in Parker-Hannifin by 107.7% during the 2nd quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company’s stock valued at $137,437,000 after buying an additional 140,898 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Down 0.3 %

Shares of Parker-Hannifin stock opened at $689.56 on Wednesday. Parker-Hannifin Co. has a 52-week low of $426.49 and a 52-week high of $711.60. The company has a 50 day moving average of $640.59 and a 200 day moving average of $577.60. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $88.76 billion, a P/E ratio of 31.15, a P/E/G ratio of 2.82 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data 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. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The company had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter last year, the company earned $5.96 earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, research analysts forecast that Parker-Hannifin Co. will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be issued a $1.63 dividend. 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 0.95%. Parker-Hannifin’s payout ratio is 29.45%.

Wall Street Analyst Weigh In

PH has been the subject of several recent research reports. TD Cowen boosted their price target on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Truist Financial upped their price target 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. Wells Fargo & Company upped their price objective on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Mizuho increased their price target on shares of Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a report on Friday, August 9th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average target price of $688.07.

Insider Activity

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction 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 directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The trade was a 20.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Andrew D. Ross sold 4,864 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were 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 $9,263,244.80. This represents a 27.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,927 shares of company stock valued at $12,807,811 in the last ninety days. 0.39% of the stock is currently owned by company insiders.

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.