MAI Capital Management Trims Holdings in Parker-Hannifin Co. (NYSE:PH)

MAI Capital Management trimmed its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 9.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,085 shares of the industrial products company’s stock after selling 985 shares during the quarter. MAI Capital Management’s holdings in Parker-Hannifin were worth $5,740,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PH. Acadian Asset Management LLC grew its position in Parker-Hannifin by 458.1% during the first quarter. Acadian Asset Management LLC now owns 3,354 shares of the industrial products company’s stock worth $1,862,000 after buying an additional 2,753 shares during the period. Edgestream Partners L.P. increased its stake in Parker-Hannifin by 40.9% in 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 in the last quarter. Clearbridge Investments LLC increased its stake in Parker-Hannifin by 32.4% in 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 in the last quarter. Bessemer Group Inc. raised its holdings in Parker-Hannifin by 162.6% during the first quarter. Bessemer Group Inc. now owns 10,109 shares of the industrial products company’s stock worth $5,617,000 after purchasing an additional 6,260 shares during the last quarter. Finally, Crewe Advisors LLC purchased a new stake in Parker-Hannifin during the first quarter worth $38,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Analysts Set New Price Targets

PH has been the subject of a number of research analyst reports. Truist Financial raised their price target on Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Argus lifted their target price on shares of Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Robert W. Baird increased their price target on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Evercore ISI lifted their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. Finally, Wells Fargo & Company increased their target price on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $688.07.

Insider Buying and Selling

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value 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 trade represents a 27.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Thomas C. Gentile sold 2,430 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total value of $1,703,818.80. Following the completion of the sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at $3,831,839.40. The trade was a 30.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders 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 Trading Down 0.3 %

Shares of PH stock opened at $689.56 on Wednesday. The firm’s 50-day simple moving average is $640.59 and its 200-day simple moving average is $577.60. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. Parker-Hannifin Co. has a 1-year low of $426.49 and a 1-year high of $711.60. The firm has a market cap of $88.76 billion, a P/E ratio of 31.15, a PEG ratio of 2.82 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter last year, the business earned $5.96 EPS. Parker-Hannifin’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities analysts forecast that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin’s payout ratio is currently 29.45%.

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.