Commerce Bank Lowers Holdings in Parker-Hannifin Co. (NYSE:PH)

Commerce Bank lowered its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 6.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 141,106 shares of the industrial products company’s stock after selling 8,928 shares during the period. Commerce Bank’s holdings in Parker-Hannifin were worth $89,154,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. West Branch Capital LLC bought a new position in shares of Parker-Hannifin during the third quarter worth $25,000. Bangor Savings Bank boosted its holdings 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 valued at $28,000 after purchasing an additional 31 shares during the last quarter. Addison Advisors LLC purchased a new position in shares of Parker-Hannifin during the second quarter valued at about $25,000. Northwest Investment Counselors LLC bought a new stake in shares of Parker-Hannifin in the third quarter worth about $39,000. Finally, Fortitude Family Office LLC lifted 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 worth $34,000 after buying an additional 52 shares in the last quarter. Institutional investors own 82.44% of the company’s stock.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the stock in a transaction that occurred on 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 directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. This represents a 20.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Joseph R. Leonti sold 5,877 shares of the stock in a transaction on 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 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 27.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,927 shares of company stock valued at $12,807,811 in the last 90 days. Company insiders own 0.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PH shares. Barclays raised their target price on shares of Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Truist Financial lifted their price objective on shares of Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Robert W. Baird lifted their price target on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. UBS Group began coverage on Parker-Hannifin in a research report on Wednesday, November 13th. They set a “buy” rating and a $842.00 price objective on the stock. Finally, Evercore ISI lifted their target price on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a report on Monday, August 19th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $688.07.

Parker-Hannifin Stock Down 0.3 %

PH stock opened at $689.56 on Wednesday. Parker-Hannifin Co. has a one year low of $426.49 and a one year high of $711.60. The firm has a market cap of $88.76 billion, a PE ratio of 31.15, a PEG ratio of 2.82 and a beta of 1.43. The firm’s 50 day moving average price is $640.59 and its 200-day moving average price is $577.60. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping the consensus estimate of $6.14 by $0.06. The company had revenue of $4.90 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the firm posted $5.96 earnings per share. On average, equities research analysts anticipate 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. Shareholders of record on Friday, November 8th will be issued 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 0.95%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.45%.

Parker-Hannifin Profile

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.