Great Lakes Advisors LLC Trims Stock Position in Parker-Hannifin Co. (NYSE:PH)

Great Lakes Advisors LLC decreased its holdings in Parker-Hannifin Co. (NYSE:PH) by 4.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 224,737 shares of the industrial products company’s stock after selling 10,057 shares during the quarter. Parker-Hannifin accounts for 1.0% of Great Lakes Advisors LLC’s portfolio, making the stock its 23rd largest position. Great Lakes Advisors LLC’s holdings in Parker-Hannifin were worth $113,674,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Sachetta LLC bought a new position in shares of Parker-Hannifin in the fourth quarter worth about $25,000. Addison Advisors LLC bought a new stake in Parker-Hannifin during the 2nd quarter worth approximately $25,000. First United Bank & Trust purchased a new position in Parker-Hannifin during the fourth quarter valued at approximately $29,000. Harbor Investment Advisory LLC boosted its position in shares of Parker-Hannifin by 60.6% in the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 20 shares during the period. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Parker-Hannifin in the fourth quarter worth $30,000. 82.44% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on PH. Wells Fargo & Company lifted their target price on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft upped their price objective on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Truist Financial reissued a “buy” rating and set a $673.00 target price (up previously from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Raymond James upped their price target on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Bank of America lifted their price objective on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $623.00.

Insider Buying and Selling

In related news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Parker-Hannifin Stock Down 0.7 %

NYSE:PH traded down $3.89 during mid-day trading on Friday, hitting $571.31. 755,196 shares of the company’s stock traded hands, compared to its average volume of 658,527. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. The company has a market capitalization of $73.47 billion, a P/E ratio of 26.94, a P/E/G ratio of 2.44 and a beta of 1.43. The company has a fifty day moving average of $554.47 and a 200 day moving average of $542.92. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $601.30.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. The company had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. Parker-Hannifin’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period last year, the business earned $6.08 EPS. On average, analysts forecast that Parker-Hannifin Co. will post 26.61 EPS for the current year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, August 28th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.14%. The ex-dividend date is Wednesday, August 28th. Parker-Hannifin’s payout ratio is 30.73%.

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.