Icon Wealth Advisors LLC Boosts Position in Parker-Hannifin Co. (NYSE:PH)

Icon Wealth Advisors LLC grew its holdings in Parker-Hannifin Co. (NYSE:PH) by 205.2% during the 3rd quarter, Holdings Channel reports. The fund owned 995 shares of the industrial products company’s stock after purchasing an additional 669 shares during the period. Icon Wealth Advisors LLC’s holdings in Parker-Hannifin were worth $629,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its position in Parker-Hannifin by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,593,970 shares of the industrial products company’s stock valued at $1,007,102,000 after acquiring an additional 59,432 shares in the last quarter. Boston Partners grew its stake in shares of Parker-Hannifin by 4.1% during the 1st quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock worth $617,878,000 after purchasing an additional 43,535 shares during the period. Legal & General Group Plc increased its holdings in shares of Parker-Hannifin by 1.3% during the 2nd quarter. Legal & General Group Plc now owns 985,280 shares of the industrial products company’s stock valued at $498,366,000 after purchasing an additional 12,615 shares in the last quarter. AMF Tjanstepension AB lifted its stake in shares of Parker-Hannifin by 23.0% in the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares during the period. Finally, Bank of Montreal Can boosted its holdings in Parker-Hannifin by 11.6% during the second quarter. Bank of Montreal Can now owns 735,755 shares of the industrial products company’s stock worth $378,572,000 after buying an additional 76,629 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Activity

In other news, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the completion of the transaction, the vice president now directly owns 5,465 shares in the company, valued at approximately $3,831,839.40. This represents a 30.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Berend Bracht sold 850 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were 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 owns 3,350 shares in the company, valued at approximately $1,986,282. This trade represents a 20.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,927 shares of company stock valued at $12,807,811 in the last 90 days. Company insiders own 0.39% of the company’s stock.

Parker-Hannifin Price Performance

PH stock opened at $706.87 on Friday. Parker-Hannifin Co. has a 1 year low of $426.49 and a 1 year high of $711.60. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. The firm has a market capitalization of $90.99 billion, a PE ratio of 31.93, a price-to-earnings-growth ratio of 2.84 and a beta of 1.43. The business has a 50 day simple moving average of $647.32 and a 200-day simple moving average of $580.54.

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

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be issued a $1.63 dividend. The ex-dividend date is Friday, November 8th. This represents a $6.52 annualized dividend and a yield of 0.92%. Parker-Hannifin’s payout ratio is 29.45%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Robert W. Baird increased their price target on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. KeyCorp boosted their price objective on Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a research report on Thursday. Wells Fargo & Company increased their target price on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Finally, Argus boosted their price target on shares of Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Parker-Hannifin has an average rating of “Moderate Buy” and a consensus price target of $691.40.

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.