Parker-Hannifin Co. (NYSE:PH) Shares Sold by First County Bank CT

First County Bank CT trimmed its holdings in Parker-Hannifin Co. (NYSE:PH) by 16.1% during the third quarter, Holdings Channel reports. The institutional investor owned 559 shares of the industrial products company’s stock after selling 107 shares during the period. First County Bank CT’s holdings in Parker-Hannifin were worth $353,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PH. Charles Schwab Investment Management Inc. raised its holdings in shares of Parker-Hannifin by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,593,970 shares of the industrial products company’s stock worth $1,007,102,000 after purchasing an additional 59,432 shares during the period. Boston Partners raised its holdings in shares of Parker-Hannifin by 4.1% in the 1st quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock worth $617,878,000 after purchasing an additional 43,535 shares during the period. Legal & General Group Plc raised its holdings in shares of Parker-Hannifin by 1.3% in the 2nd quarter. Legal & General Group Plc now owns 985,280 shares of the industrial products company’s stock worth $498,366,000 after purchasing an additional 12,615 shares during the period. AMF Tjanstepension AB raised its holdings in shares of Parker-Hannifin by 23.0% in the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock worth $383,594,000 after purchasing an additional 141,862 shares during the period. Finally, Bank of Montreal Can raised its holdings in shares of Parker-Hannifin by 11.6% in the 2nd quarter. Bank of Montreal Can now owns 735,755 shares of the industrial products company’s stock worth $378,572,000 after purchasing an additional 76,629 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $706.87 on Friday. Parker-Hannifin Co. has a twelve month low of $426.49 and a twelve month high of $711.60. 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 company has a market capitalization of $90.99 billion, a price-to-earnings ratio of 31.93, a price-to-earnings-growth ratio of 2.84 and a beta of 1.43. The business has a 50 day simple moving average of $647.32 and a 200-day simple moving average of $580.33.

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

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid 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 yield of 0.92%. Parker-Hannifin’s payout ratio is currently 29.45%.

Insider Buying and Selling

In related news, CEO Jennifer A. Parmentier sold 4,906 shares of the company’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 transaction, the chief executive officer now directly owns 33,607 shares in the company, valued at $23,682,516.83. This represents a 12.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Andrew D. Ross sold 4,864 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following the transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at approximately $9,263,244.80. The trade was a 27.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,927 shares of company stock worth $12,807,811 in the last three months. 0.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PH shares. UBS Group started coverage on Parker-Hannifin in a report on Wednesday, November 13th. They issued a “buy” rating and a $842.00 price objective on the stock. TD Cowen raised their target price on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Truist Financial raised their target price on Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft raised their target price on Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, KeyCorp raised their target price on Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a report on Thursday. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $691.40.

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.