NewEdge Wealth LLC Sells 2,359 Shares of Parker-Hannifin Co. (NYSE:PH)

NewEdge Wealth LLC lowered its stake in shares of Parker-Hannifin Co. (NYSE:PHFree Report) by 32.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,907 shares of the industrial products company’s stock after selling 2,359 shares during the quarter. NewEdge Wealth LLC’s holdings in Parker-Hannifin were worth $1,911,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PH. OFI Invest Asset Management purchased a new position in shares of Parker-Hannifin during the 3rd quarter valued at approximately $25,000. Baystate Wealth Management LLC raised its position in Parker-Hannifin by 233.3% during the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 49 shares during the period. DHJJ Financial Advisors Ltd. acquired a new stake in shares of Parker-Hannifin in the third quarter valued at about $29,000. First Capital Advisors Group LLC. acquired a new stake in shares of Parker-Hannifin in the second quarter valued at about $30,000. Finally, Oakworth Capital Inc. increased its stake in shares of Parker-Hannifin by 48.3% during the third quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 28 shares in the last quarter. Hedge funds and other institutional investors own 82.25% of the company’s stock.

Parker-Hannifin Stock Up 0.5 %

Shares of NYSE:PH opened at $511.53 on Wednesday. The company has a market capitalization of $65.72 billion, a price-to-earnings ratio of 25.32, a PEG ratio of 1.99 and a beta of 1.50. Parker-Hannifin Co. has a 12-month low of $300.86 and a 12-month high of $514.85. The business has a 50-day moving average price of $459.64 and a 200 day moving average price of $422.64. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72.

Parker-Hannifin (NYSE:PHGet Free Report) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.26 by $0.89. The business had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The company’s revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the firm posted $4.76 earnings per share. Sell-side analysts expect that Parker-Hannifin Co. will post 24.15 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 9th will be issued a dividend of $1.48 per share. The ex-dividend date of this dividend is Thursday, February 8th. This represents a $5.92 annualized dividend and a yield of 1.16%. Parker-Hannifin’s dividend payout ratio (DPR) is 29.31%.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the transaction, the vice president now owns 5,465 shares in the company, valued at approximately $2,741,899.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now directly owns 5,465 shares in the company, valued at $2,741,899.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Andrew D. Ross sold 3,904 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at approximately $6,693,299.20. The disclosure for this sale can be found here. Insiders have sold 12,079 shares of company stock valued at $6,099,566 in the last quarter. Corporate insiders own 1.03% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PH shares. Wolfe Research reiterated a “peer perform” rating on shares of Parker-Hannifin in a report on Monday, December 11th. The Goldman Sachs Group reissued a “buy” rating and issued a $551.00 price objective on shares of Parker-Hannifin in a research note on Tuesday, January 2nd. Wells Fargo & Company lifted their target price on shares of Parker-Hannifin from $450.00 to $510.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 19th. KeyCorp increased their target price on shares of Parker-Hannifin from $500.00 to $575.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $500.00 price objective on shares of Parker-Hannifin in a research note on Friday, January 19th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $480.93.

Read Our Latest Research Report on PH

Parker-Hannifin Company 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.

Further Reading

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

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