Castellan Group Cuts Stock Position in Parker-Hannifin Co. (NYSE:PH)

Castellan Group cut its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 18.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,867 shares of the industrial products company’s stock after selling 870 shares during the quarter. Castellan Group’s holdings in Parker-Hannifin were worth $2,443,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin in the second quarter worth $25,000. West Branch Capital LLC purchased a new position in shares of Parker-Hannifin in the third quarter worth about $25,000. Bangor Savings Bank increased its stake 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 worth $28,000 after acquiring an additional 31 shares during the last quarter. Prestige Wealth Management Group LLC increased its position in shares of 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 valued at $35,000 after acquiring an additional 25 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Parker-Hannifin in the third quarter valued at approximately $39,000. Institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

PH has been the topic of several research analyst reports. Raymond James lifted their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Truist Financial boosted their target price 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. Jefferies Financial Group lifted their price target on Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a report on Friday, December 6th. Wells Fargo & Company upped their price target on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, Robert W. Baird increased their target price on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $709.65.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $682.57 on Friday. The business has a 50 day moving average price of $667.79 and a two-hundred day moving average price of $594.73. Parker-Hannifin Co. has a fifty-two week low of $435.77 and a fifty-two week high of $712.42. The firm has a market cap of $87.86 billion, a PE ratio of 30.83, a price-to-earnings-growth ratio of 2.77 and a beta of 1.43. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

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 analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter last year, the business posted $5.96 EPS. Parker-Hannifin’s quarterly revenue was up 1.2% compared to the same quarter last year. Sell-side analysts expect that Parker-Hannifin Co. will post 26.75 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were issued a $1.63 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.96%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.45%.

Insider Activity

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,430 shares of the 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 completion of the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $3,831,839.40. This trade represents a 30.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $631.04, for a total value of $3,708,622.08. Following the completion of the sale, the vice president now directly owns 15,350 shares in the company, valued at $9,686,464. This represents a 27.69 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,077 shares of company stock valued at $12,303,829. Insiders own 0.39% of the company’s stock.

About Parker-Hannifin

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.