Altus Wealth Group LLC Takes Position in Parker-Hannifin Co. (NYSE:PH)

Altus Wealth Group LLC acquired a new position in shares of Parker-Hannifin Co. (NYSE:PH) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 346 shares of the industrial products company’s stock, valued at approximately $219,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Addison Advisors LLC bought a new stake in shares of Parker-Hannifin in the second quarter valued at about $25,000. West Branch Capital LLC acquired a new position in shares of Parker-Hannifin in the third quarter valued at approximately $25,000. Bangor Savings Bank grew its position in Parker-Hannifin by 238.5% during the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after buying an additional 31 shares in the last quarter. Harbor Investment Advisory LLC grew its position in Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after buying an additional 20 shares in the last quarter. Finally, Fortitude Family Office LLC grew its position in Parker-Hannifin by 346.7% during the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after buying an additional 52 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

Shares of PH traded down $0.77 during trading hours on Wednesday, reaching $628.51. The stock had a trading volume of 85,980 shares, compared to its average volume of 633,995. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $646.60. The stock has a market capitalization of $80.87 billion, a PE ratio of 28.88, a PEG ratio of 2.60 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. The company’s 50-day moving average is $608.89 and its two-hundred day moving average is $560.99.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.22 by $0.55. The business had revenue of $5.19 billion during 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%. Parker-Hannifin’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period last year, the company earned $6.08 EPS. Research analysts expect that Parker-Hannifin Co. will post 26.68 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were paid 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 dividend payout ratio (DPR) is currently 29.92%.

Insiders Place Their Bets

In related news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the sale, the vice president now owns 3,350 shares in the company, valued at $1,986,282. This represents a 0.00 % 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, 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 owns 3,900 shares in the company, valued at approximately $2,299,947. 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.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PH. TD Cowen increased their price target on Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research report on Wednesday, September 11th. Robert W. Baird increased their price target on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Raymond James upped their target price on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Finally, Truist Financial upped their target price on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $660.57.

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.