Pinnacle Associates Ltd. Sells 772 Shares of Parker-Hannifin Co. (NYSE:PH)

Pinnacle Associates Ltd. cut its holdings in Parker-Hannifin Co. (NYSE:PH) by 31.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,673 shares of the industrial products company’s stock after selling 772 shares during the period. Pinnacle Associates Ltd.’s holdings in Parker-Hannifin were worth $1,057,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Norden Group LLC acquired a new stake in shares of Parker-Hannifin during the 1st quarter worth $350,000. Private Advisor Group LLC grew its stake in Parker-Hannifin by 5.3% during the first quarter. Private Advisor Group LLC now owns 4,392 shares of the industrial products company’s stock worth $2,441,000 after buying an additional 220 shares in the last quarter. Diversify Advisory Services LLC bought a new position in Parker-Hannifin in the 1st quarter valued at about $203,000. Mission Wealth Management LP bought a new stake in shares of Parker-Hannifin during the 1st quarter worth approximately $405,000. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Parker-Hannifin by 16.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 42,523 shares of the industrial products company’s stock worth $23,634,000 after acquiring an additional 6,013 shares during the period. 82.44% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the sale, the director now owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Berend Bracht sold 850 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.39% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. StockNews.com upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Evercore ISI upped 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. TD Cowen lifted their target price on Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a research report on Wednesday, September 11th. Robert W. Baird boosted their target price on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Truist Financial increased their price objective on shares of Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus price target of $664.57.

Parker-Hannifin Stock Up 0.2 %

Shares of NYSE:PH opened at $635.03 on Friday. The business has a fifty day simple moving average of $615.46 and a 200 day simple moving average of $565.05. Parker-Hannifin Co. has a 12-month low of $395.00 and a 12-month high of $646.60. The firm has a market cap of $81.71 billion, a P/E ratio of 28.68, a P/E/G ratio of 2.57 and a beta of 1.43. The company has a quick ratio of 0.55, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $5.96 earnings per share. Analysts predict that Parker-Hannifin Co. will post 26.67 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.03%. The ex-dividend date is Friday, November 8th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.45%.

Parker-Hannifin Company 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.