Main Street Financial Solutions LLC Cuts Stock Position in Parker-Hannifin Co. (NYSE:PH)

Main Street Financial Solutions LLC decreased its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 81.2% during the third quarter, HoldingsChannel reports. The institutional investor owned 487 shares of the industrial products company’s stock after selling 2,105 shares during the period. Main Street Financial Solutions LLC’s holdings in Parker-Hannifin were worth $308,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Addison Advisors LLC purchased a new stake in shares of Parker-Hannifin during the second quarter worth approximately $25,000. West Branch Capital LLC purchased a new stake in shares of Parker-Hannifin during the third quarter worth $25,000. Bangor Savings Bank raised its position in shares of Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after buying an additional 31 shares during the last quarter. Fortitude Family Office LLC raised its position in shares of Parker-Hannifin by 346.7% in the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock valued at $34,000 after buying an additional 52 shares during the last quarter. Finally, Crewe Advisors LLC purchased a new position in shares of Parker-Hannifin in the first quarter worth about $38,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $697.63 on Friday. Parker-Hannifin Co. has a one year low of $425.20 and a one year high of $711.60. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The firm’s 50 day moving average price is $631.19 and its 200-day moving average price is $573.08. The firm has a market cap of $89.80 billion, a P/E ratio of 31.51, a P/E/G ratio of 2.85 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period last year, the business posted $5.96 earnings per share. As a group, equities research analysts predict that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders 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 dividend on an annualized basis and a yield of 0.93%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.45%.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, 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 $1,986,282. This trade represents a 20.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Andrew D. Ross sold 4,864 shares of Parker-Hannifin stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $9,263,244.80. The trade was a 27.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,927 shares of company stock valued at $12,807,811. 0.39% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PH has been the subject of several research reports. Argus upped their price objective on shares of Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. TD Cowen upped their price target on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research report on Tuesday. Stifel Nicolaus lifted their price objective on Parker-Hannifin from $633.00 to $691.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Mizuho upped their target price on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, Truist Financial lifted their price target on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Two investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $688.07.

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.