Parker-Hannifin Co. (NYSE:PH) Shares Acquired by Eastern Bank

Eastern Bank lifted its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 266.1% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 43,209 shares of the industrial products company’s stock after acquiring an additional 31,406 shares during the period. Eastern Bank’s holdings in Parker-Hannifin were worth $27,300,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PH. Signaturefd LLC raised its position in shares of Parker-Hannifin by 1.4% during the third quarter. Signaturefd LLC now owns 2,973 shares of the industrial products company’s stock worth $1,879,000 after purchasing an additional 40 shares during the period. Sequoia Financial Advisors LLC boosted its stake in shares of Parker-Hannifin by 3.2% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 48,642 shares of the industrial products company’s stock worth $30,733,000 after acquiring an additional 1,508 shares in the last quarter. Oakworth Capital Inc. boosted its stake in Parker-Hannifin by 33.8% during the 3rd quarter. Oakworth Capital Inc. now owns 190 shares of the industrial products company’s stock valued at $120,000 after purchasing an additional 48 shares during the period. Foundations Investment Advisors LLC raised its holdings in Parker-Hannifin by 3.3% in the 3rd quarter. Foundations Investment Advisors LLC now owns 1,482 shares of the industrial products company’s stock valued at $936,000 after acquiring an additional 48 shares in the last quarter. Finally, Townsend Asset Management Corp NC ADV raised its holdings in Parker-Hannifin by 62.7% in the 3rd quarter. Townsend Asset Management Corp NC ADV now owns 5,325 shares of the industrial products company’s stock valued at $3,365,000 after acquiring an additional 2,052 shares in the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PH shares. Raymond James lifted their target price on Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Mizuho boosted their price target on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Evercore ISI upped their target price on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a report on Monday, August 19th. Stifel Nicolaus boosted their price target on Parker-Hannifin from $633.00 to $691.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Finally, TD Cowen upped their target price on Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a research report on Wednesday, September 11th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $660.57.

Parker-Hannifin Stock Performance

PH stock traded down $7.70 on Tuesday, hitting $631.54. The company had a trading volume of 253,202 shares, compared to its average volume of 635,262. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month 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. The stock’s 50-day simple moving average is $607.74 and its 200 day simple moving average is $560.54. The stock has a market cap of $81.18 billion, a price-to-earnings ratio of 29.76, a P/E/G ratio of 2.61 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results 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 business had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The company’s revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the company posted $6.08 EPS. As a group, equities research analysts expect that Parker-Hannifin Co. will post 26.64 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company 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. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.03% of the stock is 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.