Independent Advisor Alliance Trims Stock Position in Parker-Hannifin Co. (NYSE:PH)

Independent Advisor Alliance reduced its stake in Parker-Hannifin Co. (NYSE:PH) by 6.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,641 shares of the industrial products company’s stock after selling 1,121 shares during the quarter. Independent Advisor Alliance’s holdings in Parker-Hannifin were worth $11,146,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Wilkinson Global Asset Management LLC increased its stake in shares of Parker-Hannifin by 59.1% during the third quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company’s stock worth $24,700,000 after acquiring an additional 14,526 shares during the period. Swedbank AB purchased a new stake in shares of Parker-Hannifin in the first quarter valued at approximately $20,140,000. Banco Santander S.A. boosted its stake in shares of Parker-Hannifin by 11.9% in the third quarter. Banco Santander S.A. now owns 14,478 shares of the industrial products company’s stock valued at $9,147,000 after buying an additional 1,544 shares in the last quarter. Ritholtz Wealth Management raised its position in Parker-Hannifin by 88.4% in the third quarter. Ritholtz Wealth Management now owns 1,473 shares of the industrial products company’s stock worth $931,000 after acquiring an additional 691 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC lifted its holdings in Parker-Hannifin by 12.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 12,812 shares of the industrial products company’s stock valued at $7,121,000 after acquiring an additional 1,453 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analyst Ratings Changes

PH has been the subject of several recent analyst reports. Mizuho raised their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Wells Fargo & Company boosted their price target on Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Argus lifted their price target on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. KeyCorp increased their price objective on shares of Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Robert W. Baird upped their price target on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $691.40.

Parker-Hannifin Trading Up 0.6 %

Shares of NYSE PH opened at $706.87 on Monday. The business has a 50-day moving average price of $647.32 and a two-hundred day moving average price of $580.73. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. Parker-Hannifin Co. has a one year low of $426.49 and a one year high of $711.60. The firm has a market capitalization of $90.99 billion, a PE ratio of 31.93, a PEG ratio of 2.85 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 EPS for the quarter, beating 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 the consensus estimate of $4.90 billion. During the same quarter last year, the company posted $5.96 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, analysts predict that Parker-Hannifin Co. will post 26.77 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid a $1.63 dividend. The ex-dividend date is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a yield of 0.92%. Parker-Hannifin’s payout ratio is currently 29.45%.

Insider Buying and Selling

In related news, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $631.04, for a total value of $3,708,622.08. Following the completion of the sale, the vice president now owns 15,350 shares in the company, valued at $9,686,464. This represents a 27.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Andrew D. Ross sold 4,864 shares of the firm’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 sale, the chief operating officer now owns 13,120 shares in the company, valued at approximately $9,263,244.80. The trade was a 27.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,077 shares of company stock worth $12,303,829 in the last 90 days. 0.39% of the stock is owned by company insiders.

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.