Freedom Investment Management Inc. Trims Stock Position in Parker-Hannifin Co. (NYSE:PH)

Freedom Investment Management Inc. decreased its holdings in Parker-Hannifin Co. (NYSE:PH) by 8.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 899 shares of the industrial products company’s stock after selling 79 shares during the quarter. Freedom Investment Management Inc.’s holdings in Parker-Hannifin were worth $568,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Townsquare Capital LLC lifted its position in Parker-Hannifin by 14.9% during the third quarter. Townsquare Capital LLC now owns 5,275 shares of the industrial products company’s stock valued at $3,333,000 after purchasing an additional 685 shares in the last quarter. Transamerica Financial Advisors Inc. grew its stake in shares of Parker-Hannifin by 2.4% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 7,731 shares of the industrial products company’s stock valued at $4,885,000 after acquiring an additional 179 shares during the period. BNP Paribas Financial Markets increased its holdings in Parker-Hannifin by 58.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 134,612 shares of the industrial products company’s stock worth $85,051,000 after acquiring an additional 49,483 shares in the last quarter. Avestar Capital LLC raised its stake in Parker-Hannifin by 11.4% during the 3rd quarter. Avestar Capital LLC now owns 645 shares of the industrial products company’s stock worth $408,000 after acquiring an additional 66 shares during the period. Finally, Brooklyn Investment Group lifted its holdings in Parker-Hannifin by 4.6% during the third quarter. Brooklyn Investment Group now owns 968 shares of the industrial products company’s stock valued at $612,000 after purchasing an additional 43 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PH. 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 research report on Friday, November 1st. Mizuho raised their price target on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Truist Financial upped their price objective on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Barclays lifted their target price on Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $691.40.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, CEO Jennifer A. Parmentier sold 4,906 shares of the firm’s 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 sale, the chief executive officer now owns 33,607 shares of the company’s stock, valued at approximately $23,682,516.83. This trade represents a 12.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the transaction, the vice president now owns 15,350 shares in the company, valued at approximately $9,686,464. This trade represents a 27.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,077 shares of company stock valued at $12,303,829. 0.39% of the stock is currently owned by corporate insiders.

Parker-Hannifin Trading Up 0.4 %

PH opened at $702.93 on Friday. The stock has a 50-day moving average of $656.37 and a 200 day moving average of $585.44. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. Parker-Hannifin Co. has a 12 month low of $426.78 and a 12 month high of $712.42. The firm has a market cap of $90.48 billion, a P/E ratio of 31.75, a P/E/G ratio of 2.82 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last released 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 net margin of 14.47% and a return on equity of 27.95%. The firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the previous year, the company earned $5.96 EPS. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, research analysts forecast that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be issued 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 0.93%. Parker-Hannifin’s dividend payout ratio is currently 29.45%.

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.