Balboa Wealth Partners Purchases 574 Shares of Parker-Hannifin Co. (NYSE:PH)

Balboa Wealth Partners boosted its position in shares of Parker-Hannifin Co. (NYSE:PH) by 67.2% in the third quarter, Holdings Channel reports. The firm owned 1,428 shares of the industrial products company’s stock after purchasing an additional 574 shares during the period. Balboa Wealth Partners’ holdings in Parker-Hannifin were worth $902,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of PH. Wilkinson Global Asset Management LLC boosted its stake in Parker-Hannifin by 59.1% in the 3rd quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company’s stock worth $24,700,000 after purchasing an additional 14,526 shares during the period. UniSuper Management Pty Ltd raised its position in Parker-Hannifin by 198.7% in the 1st quarter. UniSuper Management Pty Ltd now owns 3,441 shares of the industrial products company’s stock valued at $1,912,000 after buying an additional 2,289 shares during the last quarter. Canada Pension Plan Investment Board raised its position in Parker-Hannifin by 19.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 69,270 shares of the industrial products company’s stock valued at $38,500,000 after buying an additional 11,510 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in Parker-Hannifin by 1.8% in the 1st quarter. Public Employees Retirement System of Ohio now owns 54,535 shares of the industrial products company’s stock valued at $30,310,000 after acquiring an additional 982 shares in the last quarter. Finally, Swedbank AB acquired a new position in Parker-Hannifin during the 1st quarter worth approximately $20,140,000. Institutional investors own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PH shares. KeyCorp lifted their price objective on shares of Parker-Hannifin from $640.00 to $725.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Truist Financial raised their price objective on Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Robert W. Baird upped their target price on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Barclays boosted their price target on Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Finally, Stifel Nicolaus increased their price objective on Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $688.07.

Insider Buying and Selling

In related news, CEO Jennifer A. Parmentier sold 4,906 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the completion of the transaction, the chief executive officer now directly owns 33,607 shares in the company, valued at $23,682,516.83. This represents a 12.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 transaction of $3,708,622.08. Following the sale, the vice president now directly owns 15,350 shares in the company, valued at approximately $9,686,464. The trade was a 27.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,927 shares of company stock valued at $12,807,811 over the last quarter. 0.39% of the stock is owned by company insiders.

Parker-Hannifin Trading Down 1.2 %

PH stock opened at $697.63 on Friday. Parker-Hannifin Co. has a 52 week low of $425.20 and a 52 week high of $711.60. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The company’s 50-day simple moving average is $631.19 and its 200 day simple moving average is $573.08. The company has a market capitalization of $89.80 billion, a PE ratio of 31.51, a price-to-earnings-growth ratio of 2.85 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results 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 company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the business earned $5.96 earnings per share. As a group, sell-side analysts anticipate that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend 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.