Biltmore Family Office LLC Trims Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Biltmore Family Office LLC trimmed its position in Parker-Hannifin Co. (NYSE:PH) by 2.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,150 shares of the industrial products company’s stock after selling 43 shares during the period. Biltmore Family Office LLC’s holdings in Parker-Hannifin were worth $1,087,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Headlands Technologies LLC grew its stake in Parker-Hannifin by 576.7% in the second quarter. Headlands Technologies LLC now owns 5,204 shares of the industrial products company’s stock worth $2,632,000 after purchasing an additional 4,435 shares during the period. Coldstream Capital Management Inc. grew its stake in shares of Parker-Hannifin by 2.8% in the second quarter. Coldstream Capital Management Inc. now owns 2,644 shares of the industrial products company’s stock worth $1,337,000 after acquiring an additional 72 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Parker-Hannifin by 19.3% in the second quarter. Daiwa Securities Group Inc. now owns 27,387 shares of the industrial products company’s stock worth $13,853,000 after acquiring an additional 4,427 shares during the last quarter. Andra AP fonden grew its stake in shares of Parker-Hannifin by 136.8% in the second quarter. Andra AP fonden now owns 25,100 shares of the industrial products company’s stock worth $12,696,000 after acquiring an additional 14,500 shares during the last quarter. Finally, Royal London Asset Management Ltd. grew its stake in shares of Parker-Hannifin by 1.1% in the second quarter. Royal London Asset Management Ltd. now owns 50,866 shares of the industrial products company’s stock worth $25,729,000 after acquiring an additional 549 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Up 0.2 %

PH stock opened at $581.10 on Wednesday. Parker-Hannifin Co. has a fifty-two week low of $362.49 and a fifty-two week high of $601.30. The business’s 50-day moving average is $557.48 and its two-hundred day moving average is $543.92. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. The company has a market cap of $74.73 billion, a price-to-earnings ratio of 27.38, a P/E/G ratio of 2.32 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter in the prior year, the company earned $6.08 earnings per share. Parker-Hannifin’s revenue was up 1.8% on a year-over-year basis. As a group, analysts forecast that Parker-Hannifin Co. will post 26.65 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend is Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is 30.73%.

Insider Transactions at Parker-Hannifin

In other news, VP Berend Bracht sold 850 shares of the firm’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 transaction, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Berend Bracht sold 850 shares of the 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 sale, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PH shares. Barclays cut their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Evercore ISI increased their target price on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research note on Monday, August 19th. Stifel Nicolaus cut their target price on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Truist Financial reissued a “buy” rating and issued a $673.00 target price (up from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Finally, Wells Fargo & Company upped their price target on Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $623.00.

About Parker-Hannifin

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.