Ascent Group LLC Raises Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Ascent Group LLC grew its stake in Parker-Hannifin Co. (NYSE:PH) by 3.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,501 shares of the industrial products company’s stock after acquiring an additional 114 shares during the quarter. Ascent Group LLC’s holdings in Parker-Hannifin were worth $2,212,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Massmutual Trust Co. FSB ADV increased its stake in Parker-Hannifin by 15.5% in the second quarter. Massmutual Trust Co. FSB ADV now owns 775 shares of the industrial products company’s stock valued at $392,000 after purchasing an additional 104 shares during the last quarter. Park Avenue Securities LLC increased its stake in Parker-Hannifin by 9.1% in the second quarter. Park Avenue Securities LLC now owns 7,840 shares of the industrial products company’s stock valued at $3,966,000 after purchasing an additional 652 shares during the last quarter. CWM LLC increased its stake in Parker-Hannifin by 9.0% in the second quarter. CWM LLC now owns 4,017 shares of the industrial products company’s stock valued at $2,032,000 after purchasing an additional 330 shares during the last quarter. Aprio Wealth Management LLC increased its stake in Parker-Hannifin by 20.3% in the second quarter. Aprio Wealth Management LLC now owns 497 shares of the industrial products company’s stock valued at $251,000 after purchasing an additional 84 shares during the last quarter. Finally, Valeo Financial Advisors LLC increased its stake in Parker-Hannifin by 1.8% in the second quarter. Valeo Financial Advisors LLC now owns 1,684 shares of the industrial products company’s stock valued at $852,000 after purchasing an additional 30 shares during the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PH. Truist Financial upped their target price on Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Stifel Nicolaus lowered Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price target for the company. in a research note on Monday, November 18th. TD Cowen upped their price target on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. UBS Group began coverage on Parker-Hannifin in a research note on Wednesday, November 13th. They issued a “buy” rating and a $842.00 target price for the company. Finally, StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Three equities 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.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $691.40.

Parker-Hannifin Price Performance

PH opened at $700.98 on Tuesday. The stock has a market cap of $90.23 billion, a price-to-earnings ratio of 31.66, a PEG ratio of 2.84 and a beta of 1.44. Parker-Hannifin Co. has a 1 year low of $431.98 and a 1 year high of $712.42. 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 fifty day moving average price of $658.01 and a 200 day moving average price of $587.06.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating 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 company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same period last year, the company earned $5.96 earnings per share. The business’s revenue was up 1.2% compared to the same quarter last year. Analysts forecast that Parker-Hannifin Co. will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

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

Insider Buying and Selling

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,864 shares of Parker-Hannifin 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 sale, the chief operating officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Thomas C. Gentile sold 2,430 shares of Parker-Hannifin stock in a transaction that occurred 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 sale, the vice president now directly owns 5,465 shares in the company, valued at $3,831,839.40. The trade was a 30.78 % decrease in their ownership of the stock. 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 three months. 0.39% of the stock is owned by corporate insiders.

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.