Parker-Hannifin Co. (NYSE:PH) Stock Holdings Trimmed by Pegasus Asset Management Inc.

by · The Markets Daily

Pegasus Asset Management Inc. lowered its stake in shares of Parker-Hannifin Co. (NYSE:PH – Free Report) by 1.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,999 shares of the industrial products company’s stock after selling 265 shares during the period. Parker-Hannifin makes up approximately 3.6% of Pegasus Asset Management Inc.’s portfolio, making the stock its 7th biggest holding. Pegasus Asset Management Inc.’s holdings in Parker-Hannifin were worth $9,477,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of PH. TD Asset Management Inc raised its stake in shares of Parker-Hannifin by 152.1% in the 1st quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock valued at $73,493,000 after acquiring an additional 79,774 shares during the period. Daiwa Securities Group Inc. grew its holdings in Parker-Hannifin by 8.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock valued at $12,761,000 after purchasing an additional 1,802 shares in the last quarter. Concurrent Investment Advisors LLC grew its holdings in Parker-Hannifin by 261.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock valued at $1,397,000 after purchasing an additional 1,819 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in Parker-Hannifin by 54.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 17,165 shares of the industrial products company’s stock valued at $9,540,000 after purchasing an additional 6,029 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in Parker-Hannifin by 16.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 42,523 shares of the industrial products company’s stock valued at $23,634,000 after purchasing an additional 6,013 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Berend Bracht sold 850 shares of the business’s stock in a transaction dated 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 trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Truist Financial raised their price target 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. Raymond James raised their price objective on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. KeyCorp raised their price objective on shares of Parker-Hannifin from $640.00 to $725.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Finally, Stifel Nicolaus raised their price objective on shares of Parker-Hannifin from $633.00 to $691.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus target price of $660.57.

Get Our Latest Research Report on PH

Parker-Hannifin Stock Performance

Shares of NYSE PH traded down $7.70 during midday trading on Tuesday, hitting $631.54. The company’s stock had a trading volume of 253,202 shares, compared to its average volume of 635,262. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $646.60. The firm’s fifty day moving average price is $607.74 and its 200-day moving average price is $560.54. 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 firm has a market cap of $81.18 billion, a P/E ratio of 29.76, a P/E/G ratio of 2.61 and a beta of 1.43.

Parker-Hannifin (NYSE:PH – Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. During the same period in the previous year, the business posted $6.08 EPS. The company’s quarterly revenue was up 1.8% on a year-over-year basis. On average, sell-side analysts forecast that Parker-Hannifin Co. will post 26.64 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were given a $1.63 dividend. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.03%. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

Parker-Hannifin Profile

(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.

Featured Articles

Want to see what other hedge funds are holding PH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parker-Hannifin Co. (NYSE:PH – Free Report).