Parker-Hannifin Co. (NYSE:PH) is Moran Wealth Management LLC’s 3rd Largest Position

Moran Wealth Management LLC trimmed its position in Parker-Hannifin Co. (NYSE:PH) by 1.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 93,298 shares of the industrial products company’s stock after selling 1,685 shares during the period. Parker-Hannifin accounts for 1.8% of Moran Wealth Management LLC’s portfolio, making the stock its 3rd biggest position. Moran Wealth Management LLC’s holdings in Parker-Hannifin were worth $58,948,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PH. Addison Advisors LLC purchased a new position in Parker-Hannifin in the second quarter worth about $25,000. West Branch Capital LLC purchased a new stake in Parker-Hannifin during the 3rd quarter valued at $25,000. Bangor Savings Bank boosted its stake 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 during the period. Fortitude Family Office LLC grew its stake in shares of Parker-Hannifin by 346.7% during 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 bought a new stake in Parker-Hannifin during the 1st quarter valued at about $38,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of NYSE PH traded down $3.53 during midday trading on Wednesday, reaching $686.23. 47,651 shares of the company were exchanged, compared to its average volume of 640,633. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. Parker-Hannifin Co. has a 1 year low of $426.49 and a 1 year high of $711.60. The stock has a fifty day simple moving average of $640.59 and a 200 day simple moving average of $577.60. The stock has a market cap of $88.33 billion, a P/E ratio of 31.15, a PEG ratio of 2.82 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 earnings per share (EPS) 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 firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter last year, the company posted $5.96 earnings per share. The business’s revenue was up 1.2% on a year-over-year basis. On average, research analysts forecast that Parker-Hannifin Co. will post 26.77 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be given a $1.63 dividend. The ex-dividend date is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a yield of 0.95%. Parker-Hannifin’s payout ratio is currently 29.45%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PH shares. Deutsche Bank Aktiengesellschaft lifted their price objective 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. Wells Fargo & Company upped their target price on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Truist Financial boosted their price objective on Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. KeyCorp increased their price target on shares of Parker-Hannifin from $640.00 to $725.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Finally, TD Cowen lifted their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $688.07.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of the firm’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 completion of the sale, the vice president now owns 3,350 shares in the company, valued at $1,986,282. This trade represents a 20.24 % decrease in their ownership of the stock. The sale 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 the firm’s stock in a transaction dated 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 completion of the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at approximately $9,263,244.80. The trade was a 27.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,927 shares of company stock worth $12,807,811 over the last 90 days. Company insiders own 0.39% of the company’s stock.

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.