Mizuho Securities USA LLC Buys 353,393 Shares of Parker-Hannifin Co. (NYSE:PH)

Mizuho Securities USA LLC lifted its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 3,566.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 363,302 shares of the industrial products company’s stock after buying an additional 353,393 shares during the quarter. Parker-Hannifin comprises about 0.6% of Mizuho Securities USA LLC’s investment portfolio, making the stock its 25th biggest position. Mizuho Securities USA LLC’s holdings in Parker-Hannifin were worth $229,541,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of PH. West Branch Capital LLC acquired a new position in shares of Parker-Hannifin in the third quarter valued at about $25,000. Bangor Savings Bank grew its position in shares of Parker-Hannifin by 238.5% during the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 31 shares in the last quarter. Addison Advisors LLC bought a new position in shares of Parker-Hannifin during the second quarter worth approximately $25,000. Northwest Investment Counselors LLC acquired a new stake in shares of Parker-Hannifin in the third quarter valued at approximately $39,000. Finally, Fortitude Family Office LLC boosted its stake 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 period. Institutional investors own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

PH has been the topic of a number of recent research reports. UBS Group assumed coverage on Parker-Hannifin in a research note on Wednesday. They set a “buy” rating and a $842.00 price objective on the stock. Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $633.00 to $691.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft raised their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a report on Friday, August 9th. Raymond James increased their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Finally, Argus raised their target price on Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $688.07.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of the company’s 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 sale, the vice president now owns 3,350 shares in the company, valued at $1,986,282. This represents a 20.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,927 shares of company stock valued at $12,807,811. Company insiders own 0.39% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $698.91 on Friday. The company has a market cap of $89.96 billion, a P/E ratio of 31.57, a PEG ratio of 2.85 and a beta of 1.43. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average price of $636.19 and a two-hundred day moving average price of $574.94. Parker-Hannifin Co. has a 1-year low of $425.20 and a 1-year high of $711.60.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.14 by $0.06. The firm had revenue of $4.90 billion for 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 revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.96 earnings per share. As a group, analysts anticipate that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be given a dividend of $1.63 per share. The ex-dividend date is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.93%. Parker-Hannifin’s dividend payout ratio (DPR) 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.