Pinnacle Wealth Management Advisory Group LLC Purchases 819 Shares of Parker-Hannifin Co. (NYSE:PH)

Pinnacle Wealth Management Advisory Group LLC boosted its position in Parker-Hannifin Co. (NYSE:PH) by 110.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,558 shares of the industrial products company’s stock after acquiring an additional 819 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Parker-Hannifin were worth $788,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PH. Sachetta LLC bought a new stake in Parker-Hannifin in the 4th quarter valued at about $25,000. First United Bank & Trust purchased a new position in Parker-Hannifin during the 4th quarter valued at about $29,000. Harbor Investment Advisory LLC grew its holdings in Parker-Hannifin by 60.6% during the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after buying an additional 20 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new position in Parker-Hannifin during the 4th quarter valued at about $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin during the 1st quarter valued at about $31,000. 82.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction on Thursday, August 15th. The stock was 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 of the company’s stock, valued at $2,299,947. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.03% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PH. Barclays reduced their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their target price for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Bank of America lifted their target price on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Robert W. Baird boosted their price objective on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Finally, Wells Fargo & Company boosted their price objective on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus price target of $620.14.

Parker-Hannifin Trading Up 1.1 %

PH stock traded up $6.52 during midday trading on Friday, hitting $593.82. The company had a trading volume of 492,647 shares, compared to its average volume of 666,500. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. Parker-Hannifin Co. has a 52 week low of $362.49 and a 52 week high of $594.10. The stock’s 50 day moving average price is $538.48 and its 200 day moving average price is $538.35. The stock has a market cap of $76.33 billion, a price-to-earnings ratio of 27.98, a PEG ratio of 2.37 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping the consensus estimate of $6.22 by $0.55. The company had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $6.08 earnings per share. As a group, equities research analysts expect that Parker-Hannifin Co. will post 26.61 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, August 28th will be paid a $1.63 dividend. The ex-dividend date is Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.10%. Parker-Hannifin’s payout ratio is 30.73%.

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.