Principal Financial Group Inc. Increases Position in Parker-Hannifin Co. (NYSE:PH)

Principal Financial Group Inc. increased its position in Parker-Hannifin Co. (NYSE:PH) by 0.2% in the third quarter, HoldingsChannel.com reports. The fund owned 785,297 shares of the industrial products company’s stock after buying an additional 1,347 shares during the period. Principal Financial Group Inc.’s holdings in Parker-Hannifin were worth $496,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wilkinson Global Asset Management LLC raised its stake in shares of Parker-Hannifin by 59.1% in the third quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company’s stock worth $24,700,000 after purchasing an additional 14,526 shares during the last quarter. Graypoint LLC increased its holdings in Parker-Hannifin by 2.4% in the 3rd quarter. Graypoint LLC now owns 1,218 shares of the industrial products company’s stock worth $769,000 after buying an additional 29 shares during the period. Forte Capital LLC ADV purchased a new position in Parker-Hannifin during the 3rd quarter worth approximately $241,000. Two Point Capital Management Inc. lifted its stake in Parker-Hannifin by 0.9% during the 3rd quarter. Two Point Capital Management Inc. now owns 17,493 shares of the industrial products company’s stock valued at $11,052,000 after acquiring an additional 160 shares during the period. Finally, Concurrent Investment Advisors LLC boosted its holdings in shares of Parker-Hannifin by 11.4% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 3,015 shares of the industrial products company’s stock valued at $1,905,000 after acquiring an additional 308 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $631.04, for a total value of $3,708,622.08. Following the transaction, the vice president now owns 15,350 shares of the company’s stock, valued at $9,686,464. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, VP Joseph R. Leonti sold 5,877 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the completion of the transaction, the vice president now directly owns 15,350 shares in the company, valued at $9,686,464. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated 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 sale, the director now owns 3,900 shares in the company, valued at $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 sold a total of 8,478 shares of company stock valued at $5,245,221 over the last quarter. 0.39% of the stock is owned by insiders.

Analyst Ratings Changes

PH has been the subject of several recent research reports. Argus raised their target price on shares of Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a report on Tuesday. Wells Fargo & Company lifted their price objective on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. TD Cowen raised their target price on Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a report on Wednesday, September 11th. Evercore ISI lifted their price target on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Finally, Robert W. Baird upped their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $673.14.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $709.23 on Thursday. The stock has a market capitalization of $91.26 billion, a price-to-earnings ratio of 32.03, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. Parker-Hannifin Co. has a 52 week low of $401.31 and a 52 week high of $709.63. The firm has a 50-day simple moving average of $620.09 and a 200-day simple moving average of $567.76. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the previous year, the company posted $5.96 earnings per share. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, equities analysts predict that Parker-Hannifin Co. will post 26.84 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin’s dividend payout ratio is presently 29.45%.

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.