Ascension Asset Management LLC Has $4.08 Million Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Ascension Asset Management LLC cut its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 4.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,057 shares of the industrial products company’s stock after selling 410 shares during the period. Parker-Hannifin makes up approximately 2.1% of Ascension Asset Management LLC’s investment portfolio, making the stock its 8th largest holding. Ascension Asset Management LLC’s holdings in Parker-Hannifin were worth $4,075,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin during the second quarter worth $25,000. Harbor Investment Advisory LLC boosted its stake in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 20 shares during the period. Newbridge Financial Services Group Inc. bought a new position in Parker-Hannifin during the 4th quarter worth about $30,000. Northwest Investment Counselors LLC acquired a new stake in shares of Parker-Hannifin in the 1st quarter valued at about $31,000. Finally, Fortitude Family Office LLC lifted its holdings 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 valued at $34,000 after purchasing an additional 52 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Berend Bracht sold 850 shares of the company’s 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 of the company’s stock, valued at $1,986,282. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the sale, the director now owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $632.77 on Friday. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $639.87. The company has a market cap of $81.42 billion, a PE ratio of 29.82, a price-to-earnings-growth ratio of 2.54 and a beta of 1.43. The business’s 50 day moving average price is $578.64 and its two-hundred day moving average price is $550.94. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the prior year, the business earned $6.08 EPS. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, analysts predict that Parker-Hannifin Co. will post 26.63 EPS for the current year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were issued a $1.63 dividend. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.03%. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PH. Truist Financial reiterated a “buy” rating and set a $673.00 price objective (up from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. StockNews.com cut shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Barclays cut their price objective on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Wells Fargo & Company raised their target price on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average target price of $624.43.

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.