Connable Office Inc. Has $2.71 Million Stock Position in Parker-Hannifin Corporation $PH

Connable Office Inc. boosted its stake in shares of Parker-Hannifin Corporation (NYSE:PH) by 23.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,579 shares of the industrial products company’s stock after purchasing an additional 683 shares during the quarter. Connable Office Inc.’s holdings in Parker-Hannifin were worth $2,713,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Fidelis Capital Partners LLC lifted its stake in shares of Parker-Hannifin by 1.3% in the second quarter. Fidelis Capital Partners LLC now owns 1,071 shares of the industrial products company’s stock valued at $747,000 after buying an additional 14 shares during the period. High Net Worth Advisory Group LLC lifted its position in shares of Parker-Hannifin by 0.3% in the 3rd quarter. High Net Worth Advisory Group LLC now owns 4,694 shares of the industrial products company’s stock worth $3,559,000 after acquiring an additional 14 shares during the period. Meadow Creek Wealth Advisors LLC grew its holdings in shares of Parker-Hannifin by 3.6% during the 2nd quarter. Meadow Creek Wealth Advisors LLC now owns 430 shares of the industrial products company’s stock worth $300,000 after purchasing an additional 15 shares in the last quarter. Valeo Financial Advisors LLC increased its position in shares of Parker-Hannifin by 0.8% during the second quarter. Valeo Financial Advisors LLC now owns 1,833 shares of the industrial products company’s stock valued at $1,280,000 after purchasing an additional 15 shares during the period. Finally, Sivia Capital Partners LLC raised its stake in shares of Parker-Hannifin by 3.6% in the second quarter. Sivia Capital Partners LLC now owns 430 shares of the industrial products company’s stock valued at $300,000 after purchasing an additional 15 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Citigroup lifted their price target on shares of Parker-Hannifin from $1,074.00 to $1,092.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Truist Financial set a $1,139.00 target price on shares of Parker-Hannifin in a research report on Friday, January 30th. iA Financial set a $1,032.00 price target on shares of Parker-Hannifin in a research report on Thursday, January 29th. Wells Fargo & Company lifted their price objective on Parker-Hannifin from $1,000.00 to $1,050.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Finally, Mizuho upped their price objective on Parker-Hannifin from $800.00 to $825.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Seventeen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and an average price target of $990.47.

Parker-Hannifin Stock Up 0.5%

Shares of PH opened at $996.34 on Thursday. The company has a market capitalization of $125.76 billion, a P/E ratio of 36.34, a PEG ratio of 3.20 and a beta of 1.25. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $1,012.49. The business’s 50 day simple moving average is $916.02 and its 200-day simple moving average is $820.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 0.66.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. The firm had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.The business’s revenue was up 9.1% on a year-over-year basis. During the same period last year, the firm posted $6.53 EPS. As a group, sell-side analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Friday, February 6th will be paid a $1.80 dividend. The ex-dividend date of this dividend is Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.7%. Parker-Hannifin’s payout ratio is currently 26.26%.

Insider Activity at Parker-Hannifin

In other news, COO Andrew D. Ross sold 2,488 shares of the stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $894.81, for a total transaction of $2,226,287.28. Following the sale, the chief operating officer directly owned 13,120 shares of the company’s stock, valued at $11,739,907.20. This represents a 15.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Dinu J. Parel sold 1,316 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $950.05, for a total value of $1,250,265.80. Following the completion of the transaction, the vice president owned 6,534 shares in the company, valued at $6,207,626.70. The trade was a 16.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 5,825 shares of company stock valued at $5,391,341 over the last ninety days. Company insiders own 0.32% of the company’s stock.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.