Parker-Hannifin Co. (NYSE:PH) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 0.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 280,716 shares of the industrial products company’s stock after acquiring an additional 1,427 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Parker-Hannifin were worth $177,362,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Wilkinson Global Asset Management LLC raised its holdings in Parker-Hannifin by 59.1% in the 3rd quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company’s stock worth $24,700,000 after purchasing an additional 14,526 shares during the period. Canada Pension Plan Investment Board lifted its holdings in Parker-Hannifin by 19.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 69,270 shares of the industrial products company’s stock valued at $38,500,000 after purchasing an additional 11,510 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Parker-Hannifin by 1.8% in the first quarter. Public Employees Retirement System of Ohio now owns 54,535 shares of the industrial products company’s stock worth $30,310,000 after buying an additional 982 shares in the last quarter. Swedbank AB acquired a new position in shares of Parker-Hannifin during the 1st quarter worth approximately $20,140,000. Finally, Ritholtz Wealth Management boosted its stake in Parker-Hannifin by 88.4% during the third quarter. Ritholtz Wealth Management now owns 1,473 shares of the industrial products company’s stock worth $931,000 after buying an additional 691 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Down 0.3 %

PH opened at $689.56 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. Parker-Hannifin Co. has a 12 month low of $426.49 and a 12 month high of $711.60. The stock has a market capitalization of $88.76 billion, a P/E ratio of 31.15, a P/E/G ratio of 2.82 and a beta of 1.43. The business has a 50 day simple moving average of $640.59 and a 200-day simple moving average of $577.60.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, beating analysts’ consensus estimates of $6.14 by $0.06. The company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. Parker-Hannifin’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the company earned $5.96 earnings per share. On average, equities analysts anticipate that Parker-Hannifin Co. will post 26.77 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors 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 yield of 0.95%. The ex-dividend date is Friday, November 8th. Parker-Hannifin’s payout ratio is currently 29.45%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PH. Raymond James increased their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. KeyCorp lifted their target price on Parker-Hannifin from $640.00 to $725.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Stifel Nicolaus lowered Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price objective on the stock. in a research report on Monday. Argus raised their target price on shares of Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Finally, UBS Group assumed coverage on Parker-Hannifin in a research note on Wednesday, November 13th. They issued a “buy” rating and a $842.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $688.07.

Insider Activity

In other news, VP Berend Bracht sold 850 shares of the stock in a transaction 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 completion of the sale, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. This represents a 20.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Andrew D. Ross sold 4,864 shares of the company’s 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 completion of the transaction, 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. Insiders have sold 18,927 shares of company stock worth $12,807,811 over the last three months. 0.39% of the stock is currently owned by corporate insiders.

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.