Geode Capital Management LLC Increases Holdings in Parker-Hannifin Co. (NYSE:PH)

Geode Capital Management LLC increased its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 1.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,577,831 shares of the industrial products company’s stock after acquiring an additional 29,408 shares during the quarter. Geode Capital Management LLC’s holdings in Parker-Hannifin were worth $1,623,689,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Prestige Wealth Management Group LLC lifted its position in 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 in the last quarter. Brophy Wealth Management LLC purchased a new position in Parker-Hannifin during the third quarter worth approximately $723,000. Continuum Advisory LLC lifted its position in Parker-Hannifin by 2.9% during the third quarter. Continuum Advisory LLC now owns 1,277 shares of the industrial products company’s stock worth $891,000 after buying an additional 36 shares in the last quarter. Geller Advisors LLC purchased a new position in Parker-Hannifin during the third quarter worth approximately $222,000. Finally, Groupama Asset Managment raised its position in Parker-Hannifin by 14,546.1% in the third quarter. Groupama Asset Managment now owns 132,840 shares of the industrial products company’s stock valued at $83,931,000 after purchasing an additional 131,933 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 topic of a number of research analyst reports. Raymond James lifted their target price on Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Mizuho lifted their target price on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. UBS Group initiated coverage on Parker-Hannifin in a research report on Wednesday, November 13th. They issued a “buy” rating and a $842.00 target price on the stock. Stifel Nicolaus downgraded Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 target price on the stock. in a research report on Monday, November 18th. Finally, KeyCorp lifted their target price on Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus price target of $704.88.

Parker-Hannifin Trading Down 1.2 %

PH opened at $677.74 on Wednesday. Parker-Hannifin Co. has a 12 month low of $435.77 and a 12 month high of $712.42. The stock has a market capitalization of $87.24 billion, a price-to-earnings ratio of 30.61, a PEG ratio of 2.81 and a beta of 1.44. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. The business has a fifty day moving average price of $664.54 and a 200 day moving average price of $592.42.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS 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 firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the previous year, the firm posted $5.96 EPS. Parker-Hannifin’s revenue for the quarter was up 1.2% on a year-over-year basis. Sell-side analysts expect that Parker-Hannifin Co. will post 26.77 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were paid a dividend of $1.63 per share. The ex-dividend date was Friday, November 8th. This represents a $6.52 annualized dividend and a yield of 0.96%. Parker-Hannifin’s payout ratio is 29.45%.

Insider Buying and Selling

In other news, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the completion of the transaction, the vice president now directly owns 15,350 shares of the company’s stock, valued at approximately $9,686,464. This represents a 27.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Andrew D. Ross sold 4,864 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value 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 sold 18,077 shares of company stock valued at $12,303,829 in the last three months. 0.39% of the stock is owned by corporate insiders.

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.