B. Riley Wealth Advisors Inc. boosted its position in Parker-Hannifin Co. (NYSE:PH – Free Report) by 3.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,540 shares of the industrial products company’s stock after buying an additional 90 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Parker-Hannifin were worth $1,598,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. West Branch Capital LLC acquired a new stake in shares of Parker-Hannifin in the third quarter valued at about $25,000. Bangor Savings Bank grew its holdings in Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after buying an additional 31 shares during the last quarter. Addison Advisors LLC bought a new position in Parker-Hannifin in the 2nd quarter worth approximately $25,000. Prestige Wealth Management Group LLC lifted its holdings in shares of Parker-Hannifin by 83.3% during the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after buying an additional 25 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Parker-Hannifin during the third quarter worth approximately $39,000. Institutional investors own 82.44% of the company’s stock.
Insider Buying and Selling
In other news, COO Andrew D. Ross sold 4,864 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. Also, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the sale, the vice president now directly owns 5,465 shares in the company, valued at $3,831,839.40. This trade represents a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,077 shares of company stock worth $12,303,829 in the last three months. Insiders own 0.39% of the company’s stock.
Parker-Hannifin Stock Up 0.3 %
Parker-Hannifin (NYSE:PH – Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.14 by $0.06. The firm had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period last year, the firm posted $5.96 EPS. As a group, equities research analysts expect that Parker-Hannifin Co. will post 26.75 earnings per share for the current fiscal year.
Parker-Hannifin Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 8th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 0.97%. The ex-dividend date was Friday, November 8th. Parker-Hannifin’s payout ratio is currently 29.45%.
Wall Street Analyst Weigh In
PH has been the topic of a number of research reports. Barclays boosted their target price on shares of Parker-Hannifin from $703.00 to $800.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Wells Fargo & Company boosted their price objective on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Mizuho upped their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Jefferies Financial Group lifted their target price on Parker-Hannifin from $765.00 to $810.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, TD Cowen boosted their price target on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $709.65.
Get Our Latest Research Report on PH
Parker-Hannifin 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.
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