Avalon Global Asset Management LLC Has $6.38 Million Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Avalon Global Asset Management LLC trimmed its position in Parker-Hannifin Co. (NYSE:PH) by 22.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,100 shares of the industrial products company’s stock after selling 3,000 shares during the quarter. Parker-Hannifin accounts for 1.0% of Avalon Global Asset Management LLC’s holdings, making the stock its 26th largest holding. Avalon Global Asset Management LLC’s holdings in Parker-Hannifin were worth $6,381,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. CVA Family Office LLC boosted its stake in shares of Parker-Hannifin by 3.9% in the 3rd quarter. CVA Family Office LLC now owns 425 shares of the industrial products company’s stock valued at $269,000 after purchasing an additional 16 shares in the last quarter. Sonoma Private Wealth LLC boosted its position in Parker-Hannifin by 2.9% in the third quarter. Sonoma Private Wealth LLC now owns 667 shares of the industrial products company’s stock valued at $421,000 after buying an additional 19 shares in the last quarter. W Advisors LLC grew its stake in shares of Parker-Hannifin by 3.4% during the third quarter. W Advisors LLC now owns 581 shares of the industrial products company’s stock worth $367,000 after buying an additional 19 shares during the last quarter. Simmons Bank grew its stake in shares of Parker-Hannifin by 0.7% during the third quarter. Simmons Bank now owns 2,753 shares of the industrial products company’s stock worth $1,739,000 after buying an additional 19 shares during the last quarter. Finally, CFS Investment Advisory Services LLC increased its holdings in shares of Parker-Hannifin by 3.4% during the third quarter. CFS Investment Advisory Services LLC now owns 583 shares of the industrial products company’s stock worth $368,000 after buying an additional 19 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Raymond James boosted their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. 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. KeyCorp upped their price objective on Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Stifel Nicolaus downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 target price on the stock. in a research report on Monday, November 18th. Finally, Robert W. Baird boosted their target price on shares of Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $691.40.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $702.90 on Monday. The business has a 50-day moving average price of $656.37 and a two-hundred day moving average price of $585.92. Parker-Hannifin Co. has a 1-year low of $426.78 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 company has a market cap of $90.48 billion, a P/E ratio of 31.75, a PEG ratio of 2.84 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping 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 business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter last year, the firm posted $5.96 earnings per share. The firm’s revenue was up 1.2% on a year-over-year basis. As a group, analysts anticipate that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Announces Dividend

The business 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. 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 payout ratio is presently 29.45%.

Insider Buying and Selling

In other news, CEO Jennifer A. Parmentier sold 4,906 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the completion of the sale, the chief executive officer now owns 33,607 shares in the company, valued at $23,682,516.83. The trade was a 12.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $631.04, for a total value of $3,708,622.08. Following the transaction, the vice president now directly owns 15,350 shares in the company, valued at $9,686,464. The trade was a 27.69 % 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 ninety days. 0.39% of the stock is 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.