Atlantic Union Bankshares Corp Trims Stake in Parker-Hannifin Co. (NYSE:PH)

Atlantic Union Bankshares Corp lessened its position in shares of Parker-Hannifin Co. (NYSE:PH) by 1.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,360 shares of the industrial products company’s stock after selling 227 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Parker-Hannifin were worth $8,441,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in PH. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin in the 2nd quarter valued at $25,000. West Branch Capital LLC purchased a new position in shares of Parker-Hannifin during the third quarter worth about $25,000. Bangor Savings Bank increased its position in Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 31 shares during the period. Fortitude Family Office LLC raised its stake in Parker-Hannifin by 346.7% during the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 52 shares during the last quarter. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Parker-Hannifin in the 2nd quarter valued at approximately $39,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Activity

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction 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 transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This represents a 27.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Thomas C. Gentile sold 2,430 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total value of $1,703,818.80. Following the sale, the vice president now owns 5,465 shares in the company, valued at $3,831,839.40. This trade represents a 30.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,077 shares of company stock worth $12,303,829 over the last three months. 0.39% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Argus upped their price objective on shares of Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. TD Cowen lifted their target price on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. UBS Group started coverage on shares of Parker-Hannifin in a report on Wednesday, November 13th. They set a “buy” rating and a $842.00 price target for the company. Finally, Wells Fargo & Company lifted their price objective on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and an average target price of $691.40.

Parker-Hannifin Trading Down 1.0 %

NYSE:PH opened at $699.88 on Friday. Parker-Hannifin Co. has a 52-week low of $426.49 and a 52-week high of $712.42. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The stock has a fifty day simple moving average of $654.79 and a 200-day simple moving average of $584.39. The company has a market capitalization of $90.09 billion, a PE ratio of 31.61, a price-to-earnings-growth ratio of 2.82 and a beta of 1.43.

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

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.93%. Parker-Hannifin’s dividend payout ratio (DPR) is 29.45%.

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.