Meeder Advisory Services Inc. Acquires 29 Shares of Parker-Hannifin Co. (NYSE:PH)

Meeder Advisory Services Inc. grew its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 0.6% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,941 shares of the industrial products company’s stock after buying an additional 29 shares during the period. Meeder Advisory Services Inc.’s holdings in Parker-Hannifin were worth $3,122,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Jupiter Asset Management Ltd. bought a new position in shares of Parker-Hannifin in the 1st quarter worth $301,000. Acadian Asset Management LLC lifted its stake in Parker-Hannifin by 458.1% during the 1st quarter. Acadian Asset Management LLC now owns 3,354 shares of the industrial products company’s stock valued at $1,862,000 after acquiring an additional 2,753 shares in the last quarter. Edgestream Partners L.P. increased its position in shares of Parker-Hannifin by 40.9% during the 1st quarter. Edgestream Partners L.P. now owns 981 shares of the industrial products company’s stock valued at $545,000 after purchasing an additional 285 shares during the last quarter. O Shaughnessy Asset Management LLC increased its position in shares of Parker-Hannifin by 25.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 30,560 shares of the industrial products company’s stock valued at $16,985,000 after purchasing an additional 6,180 shares during the last quarter. Finally, Clearbridge Investments LLC increased its position in shares of Parker-Hannifin by 32.4% during the 1st quarter. Clearbridge Investments LLC now owns 2,650 shares of the industrial products company’s stock valued at $1,473,000 after purchasing an additional 649 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, COO Andrew D. Ross sold 4,864 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the transaction, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This represents a 27.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Berend Bracht sold 850 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The trade was a 20.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,927 shares of company stock valued at $12,807,811. 0.39% of the stock is currently owned by corporate insiders.

Parker-Hannifin Price Performance

Shares of PH stock opened at $691.85 on Monday. The stock has a market cap of $89.05 billion, a price-to-earnings ratio of 31.57, a PEG ratio of 2.82 and a beta of 1.43. The business’s fifty day moving average is $636.19 and its 200 day moving average is $575.38. Parker-Hannifin Co. has a twelve month low of $426.49 and a twelve month high of $711.60. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the prior year, the firm earned $5.96 earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. Research analysts expect that Parker-Hannifin Co. will post 26.77 EPS for the current fiscal 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 $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 0.94%. The ex-dividend date is Friday, November 8th. Parker-Hannifin’s dividend payout ratio (DPR) is 29.45%.

Wall Street Analyst Weigh In

PH has been the subject of several recent research reports. Truist Financial lifted their price objective on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Argus lifted their price objective on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Raymond James lifted their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. TD Cowen lifted their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Finally, StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus target price of $688.07.

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.