Joseph Group Capital Management Buys 809 Shares of Parker-Hannifin Co. (NYSE:PH)

Joseph Group Capital Management grew its stake in shares of Parker-Hannifin Co. (NYSE:PHFree Report) by 13.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 6,942 shares of the industrial products company’s stock after buying an additional 809 shares during the quarter. Parker-Hannifin accounts for approximately 1.7% of Joseph Group Capital Management’s portfolio, making the stock its 11th biggest position. Joseph Group Capital Management’s holdings in Parker-Hannifin were worth $4,386,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Boston Partners raised its stake in Parker-Hannifin by 4.1% during the 1st quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock worth $617,878,000 after buying an additional 43,535 shares during the period. Legal & General Group Plc lifted its holdings in shares of Parker-Hannifin by 1.3% in the 2nd quarter. Legal & General Group Plc now owns 985,280 shares of the industrial products company’s stock worth $498,366,000 after purchasing an additional 12,615 shares in the last quarter. AMF Tjanstepension AB grew its position in Parker-Hannifin by 23.0% in the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares during the period. Bank of Montreal Can grew its position in Parker-Hannifin by 11.6% in the 2nd quarter. Bank of Montreal Can now owns 735,755 shares of the industrial products company’s stock valued at $378,572,000 after purchasing an additional 76,629 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Parker-Hannifin by 18.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 652,539 shares of the industrial products company’s stock valued at $330,061,000 after purchasing an additional 99,959 shares in the last quarter. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Trading Down 1.0 %

Shares of PH stock opened at $691.68 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The firm has a market cap of $89.03 billion, a P/E ratio of 31.24, a PEG ratio of 2.82 and a beta of 1.43. The company has a 50 day moving average of $638.42 and a 200-day moving average of $576.52. Parker-Hannifin Co. has a 12-month low of $426.49 and a 12-month high of $711.60.

Parker-Hannifin (NYSE:PHGet Free Report) last released 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. The business 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%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the business posted $5.96 earnings per share. Sell-side analysts anticipate that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Announces Dividend

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 paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin’s dividend payout ratio is currently 29.45%.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, 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 transaction of $3,708,622.08. Following the sale, the vice president now owns 15,350 shares in the company, valued at $9,686,464. This represents a 27.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin 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 transaction, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. This trade represents a 20.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,927 shares of company stock valued at $12,807,811 over the last three months. 0.39% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PH. Truist Financial lifted their price objective on shares of Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Stifel Nicolaus lowered Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price objective for the company. in a report on Monday. Wells Fargo & Company raised their target price on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Mizuho increased their price target on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, StockNews.com raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Three 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 stock presently has a consensus rating of “Moderate Buy” and an average price target of $688.07.

Get Our Latest Report on PH

About Parker-Hannifin

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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