Lake Street Advisors Group LLC Boosts Holdings in Parker-Hannifin Co. (NYSE:PH)

Lake Street Advisors Group LLC increased its holdings in Parker-Hannifin Co. (NYSE:PH) by 7.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,368 shares of the industrial products company’s stock after acquiring an additional 235 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Parker-Hannifin were worth $2,128,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Court Place Advisors LLC purchased a new position in Parker-Hannifin during the third quarter valued at approximately $221,000. Ballentine Partners LLC lifted its holdings in Parker-Hannifin by 7.6% during the third quarter. Ballentine Partners LLC now owns 1,498 shares of the industrial products company’s stock valued at $946,000 after purchasing an additional 106 shares in the last quarter. Busey Bank lifted its holdings in Parker-Hannifin by 4.0% during the third quarter. Busey Bank now owns 605 shares of the industrial products company’s stock valued at $382,000 after purchasing an additional 23 shares in the last quarter. Silver Oak Securities Incorporated lifted its holdings in Parker-Hannifin by 7,972.7% during the third quarter. Silver Oak Securities Incorporated now owns 1,776 shares of the industrial products company’s stock valued at $1,124,000 after purchasing an additional 1,754 shares in the last quarter. Finally, Nicholson Wealth Management Group LLC purchased a new position in Parker-Hannifin during the third quarter valued at approximately $915,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Activity

In other news, Director Joseph Scaminace sold 1,751 shares of the business’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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Joseph Scaminace sold 1,751 shares of the business’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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Berend Bracht sold 850 shares of the company’s 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 completion of the sale, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PH shares. Raymond James lifted their price objective on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Evercore ISI lifted their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Wells Fargo & Company lifted their price objective on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Finally, TD Cowen lifted their price objective on shares of Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a research report on Wednesday, September 11th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $660.57.

Parker-Hannifin Trading Up 0.1 %

PH stock traded up $0.40 during mid-day trading on Friday, reaching $624.54. 63,766 shares of the stock traded hands, compared to its average volume of 633,050. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $646.60. The stock has a market capitalization of $80.36 billion, a PE ratio of 28.64, a PEG ratio of 2.55 and a beta of 1.43. The business has a 50-day moving average price of $609.91 and a two-hundred day moving average price of $561.47.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data 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 net margin of 14.27% and a return on equity of 29.08%. The business had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the previous year, the business posted $6.08 earnings per share. The business’s revenue was up 1.8% compared to the same quarter last year. Equities research analysts expect that Parker-Hannifin Co. will post 26.68 EPS for the current year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin’s dividend payout ratio is currently 29.92%.

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.