Net Worth Advisory Group Acquires New Position in Parker-Hannifin Co. (NYSE:PH)

Net Worth Advisory Group purchased a new stake in shares of Parker-Hannifin Co. (NYSE:PH) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,110 shares of the industrial products company’s stock, valued at approximately $702,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise increased its stake in shares of Parker-Hannifin by 89.7% in the 1st quarter. Banque Cantonale Vaudoise now owns 772 shares of the industrial products company’s stock valued at $429,000 after purchasing an additional 365 shares in the last quarter. Park Avenue Securities LLC raised its position in shares of Parker-Hannifin by 4.8% in the first quarter. Park Avenue Securities LLC now owns 7,188 shares of the industrial products company’s stock valued at $3,995,000 after buying an additional 330 shares during the last quarter. First Affirmative Financial Network acquired a new stake in Parker-Hannifin in the 1st quarter valued at about $242,000. Gulf International Bank UK Ltd boosted its position in shares of Parker-Hannifin by 7.9% during the 1st quarter. Gulf International Bank UK Ltd now owns 11,433 shares of the industrial products company’s stock valued at $6,354,000 after acquiring an additional 839 shares during the last quarter. Finally, MJP Associates Inc. ADV purchased a new stake in shares of Parker-Hannifin in the 1st quarter valued at approximately $308,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus boosted their price target on shares of Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Truist Financial raised their price target on Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. TD Cowen upped their target price on shares of Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a report on Wednesday, September 11th. Raymond James boosted their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Finally, KeyCorp raised their price target on Parker-Hannifin from $640.00 to $725.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $660.57.

Parker-Hannifin Stock Up 0.1 %

PH stock opened at $640.44 on Friday. The firm has a market cap of $82.41 billion, a PE ratio of 29.39, a PEG ratio of 2.61 and a beta of 1.43. The company has a fifty day simple moving average of $606.31 and a 200 day simple moving average of $559.86. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $646.60. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping the consensus estimate of $6.22 by $0.55. The company had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. Parker-Hannifin’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned $6.08 EPS. Sell-side analysts anticipate that Parker-Hannifin Co. will post 26.64 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were paid a dividend of $1.63 per share. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a yield of 1.02%. Parker-Hannifin’s payout ratio is 29.92%.

Insider Buying and Selling at Parker-Hannifin

In related news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares in the company, valued at $2,299,947. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.39% of the company’s stock.

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.