Sterling Investment Counsel LLC Buys 233 Shares of Parker-Hannifin Co. (NYSE:PH)

Sterling Investment Counsel LLC grew its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 17.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,587 shares of the industrial products company’s stock after buying an additional 233 shares during the period. Sterling Investment Counsel LLC’s holdings in Parker-Hannifin were worth $1,003,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Altus Wealth Group LLC acquired a new stake in shares of Parker-Hannifin during the third quarter worth about $219,000. Greenleaf Trust increased its position in shares of Parker-Hannifin by 3.9% during the 3rd quarter. Greenleaf Trust now owns 2,918 shares of the industrial products company’s stock worth $1,844,000 after purchasing an additional 110 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in shares of Parker-Hannifin by 41.1% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 707 shares of the industrial products company’s stock worth $447,000 after acquiring an additional 206 shares during the period. Meadow Creek Wealth Advisors LLC bought a new position in shares of Parker-Hannifin during the 3rd quarter worth approximately $255,000. Finally, Bank Pictet & Cie Europe AG boosted its stake in shares of Parker-Hannifin by 3.9% during the 3rd quarter. Bank Pictet & Cie Europe AG now owns 7,204 shares of the industrial products company’s stock worth $4,552,000 after acquiring an additional 273 shares during the period. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Down 0.3 %

NYSE:PH traded down $2.20 on Wednesday, hitting $627.08. The stock had a trading volume of 93,648 shares, compared to its average volume of 634,119. The company has a market cap of $80.69 billion, a PE ratio of 28.88, a P/E/G ratio of 2.60 and a beta of 1.43. Parker-Hannifin Co. has a 52 week low of $362.49 and a 52 week high of $646.60. The business’s fifty day moving average is $608.89 and its 200 day moving average is $560.99. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.22 by $0.55. The firm had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $6.08 earnings per share. On average, equities research analysts expect that Parker-Hannifin Co. will post 26.68 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s payout ratio is currently 29.92%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PH. Wells Fargo & Company boosted their price target on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Stifel Nicolaus lifted their price objective on Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft boosted their price target on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. TD Cowen boosted their price target on Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a report on Wednesday, September 11th. Finally, Raymond James upped their target price on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $660.57.

Insider Activity

In other news, VP Berend Bracht sold 850 shares of the business’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 completion of the sale, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the 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 completion of the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by corporate insiders.

Parker-Hannifin 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.