Parker-Hannifin Co. (NYSE:PH) Shares Purchased by Baron Wealth Management LLC

Baron Wealth Management LLC raised its stake in Parker-Hannifin Co. (NYSE:PH) by 22.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,061 shares of the industrial products company’s stock after purchasing an additional 195 shares during the period. Baron Wealth Management LLC’s holdings in Parker-Hannifin were worth $671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Boston Partners raised its holdings in shares of Parker-Hannifin by 4.1% in the first quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock valued at $617,878,000 after buying an additional 43,535 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Parker-Hannifin by 1.3% in the second quarter. Legal & General Group Plc now owns 985,280 shares of the industrial products company’s stock valued at $498,366,000 after buying an additional 12,615 shares during the last quarter. AMF Tjanstepension AB raised its holdings in shares of Parker-Hannifin by 23.0% in the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after buying an additional 141,862 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of Parker-Hannifin by 11.6% in the second quarter. Bank of Montreal Can now owns 735,755 shares of the industrial products company’s stock valued at $378,572,000 after buying an additional 76,629 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in Parker-Hannifin by 18.1% during the second quarter. Envestnet Asset Management Inc. now owns 652,539 shares of the industrial products company’s stock worth $330,061,000 after purchasing an additional 99,959 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Activity

In related news, COO Andrew D. Ross sold 4,864 shares of Parker-Hannifin stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the sale, 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. This trade represents a 20.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,927 shares of company stock valued at $12,807,811. Company insiders own 0.39% of the company’s stock.

Analyst Ratings Changes

PH has been the subject of several analyst reports. Barclays increased their price target on shares of Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Mizuho increased their price target on shares of Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. UBS Group started coverage on shares of Parker-Hannifin in a report on Wednesday, November 13th. They set a “buy” rating and a $842.00 price target for the company. Truist Financial increased their target price on shares of 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 shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $688.07.

Parker-Hannifin Stock Performance

NYSE:PH opened at $691.68 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The company has a market cap of $89.03 billion, a P/E ratio of 31.24, a P/E/G ratio of 2.82 and a beta of 1.43. Parker-Hannifin Co. has a fifty-two week low of $426.49 and a fifty-two week high of $711.60. The firm’s 50 day moving average is $638.42 and its two-hundred day moving average is $576.52.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results 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. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. Parker-Hannifin’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $5.96 earnings per share. Analysts expect that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Dividend Announcement

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 $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date 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.