Biltmore Family Office LLC Cuts Stake in Parker-Hannifin Co. (NYSE:PH)

Biltmore Family Office LLC lowered its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 2.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,150 shares of the industrial products company’s stock after selling 43 shares during the quarter. Biltmore Family Office LLC’s holdings in Parker-Hannifin were worth $1,087,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Gilbert & Cook Inc. grew its holdings in Parker-Hannifin by 5.0% during the 4th quarter. Gilbert & Cook Inc. now owns 1,031 shares of the industrial products company’s stock valued at $475,000 after buying an additional 49 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Parker-Hannifin by 4.4% during the 4th quarter. BNP Paribas Financial Markets now owns 46,758 shares of the industrial products company’s stock valued at $21,541,000 after buying an additional 1,984 shares in the last quarter. QRG Capital Management Inc. grew its holdings in Parker-Hannifin by 16.2% during the 4th quarter. QRG Capital Management Inc. now owns 7,375 shares of the industrial products company’s stock valued at $3,398,000 after buying an additional 1,029 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Parker-Hannifin by 0.6% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 11,332 shares of the industrial products company’s stock valued at $5,221,000 after buying an additional 70 shares in the last quarter. Finally, Avantax Advisory Services Inc. grew its holdings in Parker-Hannifin by 3.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 3,297 shares of the industrial products company’s stock valued at $1,519,000 after buying an additional 112 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

PH opened at $581.10 on Wednesday. The business has a fifty day moving average of $557.48 and a 200 day moving average of $543.92. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $601.30. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The stock has a market cap of $74.73 billion, a P/E ratio of 27.38, a PEG ratio of 2.32 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the previous year, the business earned $6.08 EPS. Parker-Hannifin’s revenue was up 1.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Parker-Hannifin Co. will post 26.65 EPS for the current year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is 30.73%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PH shares. Bank of America raised their price target on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Wells Fargo & Company lifted their target price on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their target price for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Deutsche Bank Aktiengesellschaft boosted their target price on Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus cut their target price on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $623.00.

Insiders Place Their Bets

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the sale, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $2,299,947. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

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.