Fmr LLC Has $2.60 Billion Position in Parker-Hannifin Co. (NYSE:PH)

Fmr LLC boosted its position in shares of Parker-Hannifin Co. (NYSE:PH) by 7.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,116,257 shares of the industrial products company’s stock after purchasing an additional 272,531 shares during the quarter. Fmr LLC’s holdings in Parker-Hannifin were worth $2,600,733,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Addison Advisors LLC acquired a new position in Parker-Hannifin in the second quarter valued at approximately $25,000. West Branch Capital LLC bought a new position in shares of Parker-Hannifin in the 3rd quarter worth $25,000. Bangor Savings Bank grew its stake in shares of Parker-Hannifin by 238.5% during the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 31 shares during the period. Fortitude Family Office LLC increased its holdings in Parker-Hannifin by 346.7% in the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 52 shares during the last quarter. Finally, Opal Wealth Advisors LLC acquired a new position in Parker-Hannifin in the second quarter valued at about $39,000. 82.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PH shares. Truist Financial boosted their target price on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Mizuho raised their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Raymond James upped their target price on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Robert W. Baird lifted their price target on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Barclays upped their price objective on Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and an average price target of $691.40.

Parker-Hannifin Trading Down 0.3 %

Shares of NYSE:PH opened at $704.51 on Tuesday. The stock has a market cap of $90.68 billion, a PE ratio of 31.82, a P/E/G ratio of 2.85 and a beta of 1.43. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. Parker-Hannifin Co. has a 12-month low of $426.49 and a 12-month high of $712.42. The business has a 50 day moving average of $649.47 and a 200-day moving average of $581.74.

Parker-Hannifin (NYSE:PH) last released its quarterly 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. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $5.96 EPS. As a group, equities research analysts forecast that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The firm also recently declared 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. This represents a $6.52 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date is Friday, November 8th. Parker-Hannifin’s dividend payout ratio is 29.45%.

Insiders Place Their Bets

In related news, CEO Jennifer A. Parmentier sold 4,906 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total value of $3,457,209.14. Following the transaction, the chief executive officer now owns 33,607 shares in the company, valued at approximately $23,682,516.83. This trade represents a 12.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Thomas C. Gentile sold 2,430 shares of the company’s stock in a transaction dated 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 sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at $3,831,839.40. This represents a 30.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,077 shares of company stock worth $12,303,829 in the last quarter. 0.39% of the stock is currently owned by corporate insiders.

Parker-Hannifin Company 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.