Chevy Chase Trust Holdings LLC Cuts Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Chevy Chase Trust Holdings LLC cut its stake in Parker-Hannifin Co. (NYSE:PH) by 1.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,169 shares of the industrial products company’s stock after selling 1,252 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Parker-Hannifin were worth $43,702,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin during the second quarter worth about $25,000. West Branch Capital LLC acquired a new position in Parker-Hannifin during the 3rd quarter worth approximately $25,000. Bangor Savings Bank increased its position in shares of Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 31 shares during the last quarter. Fortitude Family Office LLC lifted its position in shares of Parker-Hannifin by 346.7% during the 2nd 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 last quarter. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Parker-Hannifin during the second quarter worth $39,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Down 0.3 %

Parker-Hannifin stock opened at $700.98 on Tuesday. The stock has a 50 day moving average of $658.01 and a two-hundred day moving average of $587.06. Parker-Hannifin Co. has a twelve month low of $431.98 and a twelve month high of $712.42. The stock has a market capitalization of $90.23 billion, a price-to-earnings ratio of 31.66, a PEG ratio of 2.84 and a beta of 1.44. The company has a current ratio of 0.96, a quick ratio of 0.57 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 earnings per share for the quarter, beating analysts’ consensus estimates of $6.14 by $0.06. The firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. Parker-Hannifin’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period last year, the firm posted $5.96 EPS. As a group, research analysts expect that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 annualized dividend and a yield of 0.93%. Parker-Hannifin’s dividend payout ratio is currently 29.45%.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now owns 13,120 shares in the company, valued at approximately $9,263,244.80. This represents a 27.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Thomas C. Gentile sold 2,430 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the sale, the vice president now owns 5,465 shares in the company, valued at $3,831,839.40. The trade was a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,077 shares of company stock worth $12,303,829 over the last 90 days. Company insiders own 0.39% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Evercore ISI raised their price target on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. TD Cowen raised their target price on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. 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, November 1st. Truist Financial raised their price objective on shares of Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, KeyCorp upped their target price on shares of Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $691.40.

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.