IRON Financial LLC Buys Shares of 330 Parker-Hannifin Co. (NYSE:PH)

IRON Financial LLC bought a new stake in Parker-Hannifin Co. (NYSE:PH) during the third quarter, HoldingsChannel reports. The institutional investor bought 330 shares of the industrial products company’s stock, valued at approximately $209,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PH. State of Alaska Department of Revenue increased its position in shares of Parker-Hannifin by 0.4% during the first quarter. State of Alaska Department of Revenue now owns 13,925 shares of the industrial products company’s stock worth $7,739,000 after acquiring an additional 50 shares during the period. Norden Group LLC purchased a new stake in shares of Parker-Hannifin during the first quarter worth $3,849,000. Kovack Advisors Inc. purchased a new stake in shares of Parker-Hannifin during the first quarter worth $258,000. First Trust Direct Indexing L.P. increased its position in shares of Parker-Hannifin by 12.6% during the first quarter. First Trust Direct Indexing L.P. now owns 4,519 shares of the industrial products company’s stock worth $2,512,000 after acquiring an additional 504 shares during the period. Finally, Veracity Capital LLC increased its holdings in Parker-Hannifin by 21.6% in the first quarter. Veracity Capital LLC now owns 901 shares of the industrial products company’s stock valued at $501,000 after buying an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of PH traded up $4.13 during mid-day trading on Thursday, hitting $628.42. 464,567 shares of the company’s stock were exchanged, compared to its average volume of 633,612. Parker-Hannifin Co. has a fifty-two week low of $362.49 and a fifty-two week high of $646.60. The firm has a market capitalization of $80.86 billion, a P/E ratio of 28.52, a P/E/G ratio of 2.52 and a beta of 1.43. The business’s 50 day moving average is $613.70 and its two-hundred day moving average is $563.78. 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 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. 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 during the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter in the prior year, the firm earned $6.08 earnings per share. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, equities analysts expect that Parker-Hannifin Co. will post 26.68 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The firm 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. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 annualized dividend and a dividend yield of 1.04%. Parker-Hannifin’s dividend payout ratio (DPR) is 29.92%.

Insider Transactions at Parker-Hannifin

In related news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction dated 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 transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. 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 link. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction dated 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 transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. 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 analysts recently commented on the company. Barclays increased their target price on Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. KeyCorp increased their target price on Parker-Hannifin from $640.00 to $725.00 and gave the company an “overweight” rating in a report on Monday, October 14th. TD Cowen increased their target price on Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a report on Wednesday, September 11th. Truist Financial increased their target price on Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Parker-Hannifin has an average rating of “Moderate Buy” and an average price target of $660.57.

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.