Concentric Capital Strategies LP Has $14.66 Million Stake in Parker-Hannifin Co. (NYSE:PH)

Concentric Capital Strategies LP grew its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 147.7% during the third quarter, HoldingsChannel.com reports. The firm owned 23,206 shares of the industrial products company’s stock after acquiring an additional 13,837 shares during the quarter. Parker-Hannifin makes up about 0.6% of Concentric Capital Strategies LP’s holdings, making the stock its 25th biggest holding. Concentric Capital Strategies LP’s holdings in Parker-Hannifin were worth $14,662,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in PH. Addison Advisors LLC acquired a new stake in Parker-Hannifin during the second quarter worth approximately $25,000. West Branch Capital LLC bought a new stake in shares of Parker-Hannifin during the 3rd quarter valued at $25,000. Bangor Savings Bank grew its holdings in shares of Parker-Hannifin by 238.5% during the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 31 shares in the last quarter. Fortitude Family Office LLC increased its position in shares of Parker-Hannifin by 346.7% in the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 52 shares during the period. Finally, Opal Wealth Advisors LLC acquired a new position in Parker-Hannifin in the second quarter valued at about $39,000. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $702.90 on Monday. The stock has a market cap of $90.48 billion, a price-to-earnings ratio of 31.75, a P/E/G ratio of 2.84 and a beta of 1.43. 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 Co. has a twelve month low of $426.78 and a twelve month high of $712.42. The company’s fifty day moving average is $656.37 and its 200 day moving average is $585.92.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. The company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The firm’s revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company earned $5.96 earnings per share. Sell-side 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. Investors of record on Friday, November 8th will be paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date is Friday, November 8th. Parker-Hannifin’s dividend payout ratio is presently 29.45%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PH. Evercore ISI increased their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research note on Monday, August 19th. Barclays lifted their price objective on shares of Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Mizuho lifted their price target on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. TD Cowen upped their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Finally, Truist Financial boosted their target price on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Parker-Hannifin has an average rating of “Moderate Buy” and a consensus target price of $691.40.

Insider Activity at Parker-Hannifin

In related news, VP Joseph R. Leonti sold 5,877 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the transaction, the vice president now directly owns 15,350 shares of the company’s stock, valued at $9,686,464. This represents a 27.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Andrew D. Ross sold 4,864 shares of Parker-Hannifin stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at approximately $9,263,244.80. This trade represents a 27.05 % 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 over the last quarter. Company insiders own 0.39% of the company’s stock.

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.