Brown Brothers Harriman & Co. Cuts Position in Parker-Hannifin Co. (NYSE:PH)

Brown Brothers Harriman & Co. reduced its position in shares of Parker-Hannifin Co. (NYSE:PH) by 2.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,491 shares of the industrial products company’s stock after selling 33 shares during the period. Brown Brothers Harriman & Co.’s holdings in Parker-Hannifin were worth $942,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Addison Advisors LLC purchased a new stake in Parker-Hannifin during the 2nd quarter worth approximately $25,000. West Branch Capital LLC purchased a new stake in shares of Parker-Hannifin during the third quarter worth $25,000. Bangor Savings Bank raised its stake in shares of Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 31 shares in the last quarter. Fortitude Family Office LLC boosted its holdings in 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 purchasing an additional 52 shares during the period. Finally, Opal Wealth Advisors LLC acquired a new position in Parker-Hannifin during the 2nd quarter worth $39,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PH has been the topic of a number of analyst reports. Evercore ISI increased 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. Wells Fargo & Company raised their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. KeyCorp boosted their price target on shares of Parker-Hannifin from $725.00 to $775.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Robert W. Baird raised their price objective on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, 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 report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $691.40.

Parker-Hannifin Stock Up 0.4 %

Shares of NYSE PH opened at $706.92 on Wednesday. The stock has a market cap of $90.99 billion, a PE ratio of 31.93, a price-to-earnings-growth ratio of 2.84 and a beta of 1.43. Parker-Hannifin Co. has a 52-week low of $426.49 and a 52-week high of $712.42. The business has a 50-day moving average price of $651.50 and a 200 day moving average price of $582.76. 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 announced its 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 net margin of 14.47% and a return on equity of 27.95%. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same period last year, the firm posted $5.96 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. Equities research analysts forecast that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Announces Dividend

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 issued a $1.63 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.92%. Parker-Hannifin’s payout ratio is 29.45%.

Insider Transactions at Parker-Hannifin

In other news, VP Thomas C. Gentile sold 2,430 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total value of $1,703,818.80. Following the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at approximately $3,831,839.40. The trade was a 30.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $631.04, for a total value of $3,708,622.08. Following the sale, the vice president now directly owns 15,350 shares of the company’s stock, valued at approximately $9,686,464. This represents a 27.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,077 shares of company stock worth $12,303,829. Company insiders own 0.39% of the company’s stock.

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.