HighTower Advisors LLC Acquires 404 Shares of Parker-Hannifin Co. (NYSE:PH)

HighTower Advisors LLC grew its holdings in Parker-Hannifin Co. (NYSE:PH) by 0.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 96,360 shares of the industrial products company’s stock after buying an additional 404 shares during the quarter. HighTower Advisors LLC owned approximately 0.07% of Parker-Hannifin worth $60,915,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. West Branch Capital LLC acquired a new position in Parker-Hannifin during the 3rd quarter worth $25,000. Bangor Savings Bank boosted its holdings 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 during the last quarter. Addison Advisors LLC bought a new position in Parker-Hannifin in the second quarter valued at about $25,000. Northwest Investment Counselors LLC acquired a new stake in Parker-Hannifin in the third quarter worth about $39,000. Finally, Fortitude Family Office LLC raised its holdings in Parker-Hannifin by 346.7% during the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 52 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Insider Transactions at Parker-Hannifin

In related news, VP Thomas C. Gentile sold 2,430 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total value of $1,703,818.80. Following the completion of the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $3,831,839.40. This trade represents a 30.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Andrew D. Ross sold 4,864 shares of Parker-Hannifin stock in a transaction dated 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 of the company’s stock, valued at approximately $9,263,244.80. This trade represents a 27.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,077 shares of company stock valued at $12,303,829 over the last 90 days. 0.39% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Raymond James lifted their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Wells Fargo & Company lifted their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Mizuho lifted their price objective on Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Robert W. Baird upped their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $691.40.

Parker-Hannifin Stock Up 0.0 %

Shares of PH stock opened at $700.81 on Wednesday. The company has a market capitalization of $90.21 billion, a price-to-earnings ratio of 31.65, a P/E/G ratio of 2.83 and a beta of 1.43. Parker-Hannifin Co. has a 12-month low of $431.98 and a 12-month high of $712.42. The firm has a fifty day moving average of $659.52 and a 200-day moving average of $588.16. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.14 by $0.06. The firm had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the business posted $5.96 EPS. As a group, equities research analysts predict that Parker-Hannifin Co. will post 26.77 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed 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 is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.93%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.45%.

About Parker-Hannifin

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.