Meeder Advisory Services Inc. Grows Stake in Parker-Hannifin Co. (NYSE:PH)

Meeder Advisory Services Inc. increased its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 0.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,941 shares of the industrial products company’s stock after purchasing an additional 29 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Parker-Hannifin were worth $3,122,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Addison Advisors LLC bought a new stake in shares of Parker-Hannifin in the 2nd quarter valued at approximately $25,000. West Branch Capital LLC bought a new stake in shares of Parker-Hannifin in the 3rd quarter valued at approximately $25,000. Bangor Savings Bank lifted its stake in shares of Parker-Hannifin by 238.5% in 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. Fortitude Family Office LLC lifted its stake in shares of Parker-Hannifin by 346.7% in the 2nd 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 last quarter. Finally, Crewe Advisors LLC bought a new stake in shares of Parker-Hannifin during the 1st quarter worth approximately $38,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of PH opened at $691.85 on Monday. The stock has a 50-day moving average of $636.19 and a two-hundred day moving average of $575.38. Parker-Hannifin Co. has a one year low of $426.49 and a one year high of $711.60. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The stock has a market cap of $89.05 billion, a P/E ratio of 31.57, a P/E/G ratio of 2.82 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 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 company had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the previous year, the firm posted $5.96 EPS. The firm’s revenue was up 1.2% compared to the same quarter last year. As a group, research analysts predict that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be given 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 0.94%. Parker-Hannifin’s dividend payout ratio is currently 29.45%.

Analyst Ratings Changes

PH has been the topic of several research reports. Evercore ISI raised their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a report on Monday, August 19th. Wells Fargo & Company lifted their price target on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Robert W. Baird lifted their price target on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Deutsche Bank Aktiengesellschaft lifted their price target on Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Barclays lifted their price target on Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus price target of $688.07.

Insiders Place Their Bets

In related news, CEO Jennifer A. Parmentier sold 4,906 shares of Parker-Hannifin stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total value of $3,457,209.14. Following the completion of the transaction, the chief executive officer now owns 33,607 shares in the company, valued at $23,682,516.83. The trade was a 12.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Andrew D. Ross sold 4,864 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,927 shares of company stock valued at $12,807,811. 0.39% of the stock is owned by company insiders.

Parker-Hannifin Company 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.