Westhampton Capital LLC Acquires 60 Shares of Parker-Hannifin Co. (NYSE:PH)

Westhampton Capital LLC increased its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 0.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 7,645 shares of the industrial products company’s stock after acquiring an additional 60 shares during the quarter. Parker-Hannifin makes up approximately 2.5% of Westhampton Capital LLC’s portfolio, making the stock its 7th largest position. Westhampton Capital LLC’s holdings in Parker-Hannifin were worth $4,830,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Waldron Private Wealth LLC raised its stake in Parker-Hannifin by 2.8% during the 3rd quarter. Waldron Private Wealth LLC now owns 797 shares of the industrial products company’s stock valued at $504,000 after purchasing an additional 22 shares during the last quarter. Eastern Bank raised its position in shares of Parker-Hannifin by 266.1% during the third quarter. Eastern Bank now owns 43,209 shares of the industrial products company’s stock valued at $27,300,000 after buying an additional 31,406 shares during the last quarter. Signaturefd LLC raised its position in shares of Parker-Hannifin by 1.4% during the third quarter. Signaturefd LLC now owns 2,973 shares of the industrial products company’s stock valued at $1,879,000 after buying an additional 40 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of Parker-Hannifin by 3.2% in the third quarter. Sequoia Financial Advisors LLC now owns 48,642 shares of the industrial products company’s stock valued at $30,733,000 after buying an additional 1,508 shares during the period. Finally, Oakworth Capital Inc. grew its position in Parker-Hannifin by 33.8% during the third quarter. Oakworth Capital Inc. now owns 190 shares of the industrial products company’s stock worth $120,000 after buying an additional 48 shares in the last quarter. Institutional investors own 82.44% of the company’s stock.

Insider Activity

In related news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares in the company, valued at $2,299,947. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares in the company, valued at $2,299,947. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Berend Bracht sold 850 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the transaction, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on PH shares. Evercore ISI raised their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. Deutsche Bank Aktiengesellschaft raised their target price on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. KeyCorp boosted their price target on shares of Parker-Hannifin from $640.00 to $725.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Wells Fargo & Company raised their price objective on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Raymond James upped their target price 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. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $660.57.

Parker-Hannifin Price Performance

PH opened at $629.28 on Wednesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The company’s 50 day simple moving average is $608.89 and its 200-day simple moving average is $560.99. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $646.60. The stock has a market capitalization of $80.97 billion, a P/E ratio of 28.88, a price-to-earnings-growth ratio of 2.60 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The firm had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period last year, the company earned $6.08 EPS. Sell-side analysts anticipate that Parker-Hannifin Co. will post 26.68 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were given a dividend of $1.63 per share. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a yield of 1.04%. Parker-Hannifin’s payout ratio is presently 29.92%.

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.