TrinityPoint Wealth LLC Acquires New Position in Parker-Hannifin Co. (NYSE:PH)

TrinityPoint Wealth LLC acquired a new position in shares of Parker-Hannifin Co. (NYSE:PH) during the third quarter, HoldingsChannel reports. The fund acquired 337 shares of the industrial products company’s stock, valued at approximately $213,000.

A number of other hedge funds also recently added to or reduced their stakes in PH. Acadian Asset Management LLC increased its stake in Parker-Hannifin by 458.1% in the 1st quarter. Acadian Asset Management LLC now owns 3,354 shares of the industrial products company’s stock valued at $1,862,000 after purchasing an additional 2,753 shares in the last quarter. Edgestream Partners L.P. increased its position in shares of Parker-Hannifin by 40.9% in the first quarter. Edgestream Partners L.P. now owns 981 shares of the industrial products company’s stock valued at $545,000 after buying an additional 285 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of Parker-Hannifin by 32.4% during the 1st quarter. Clearbridge Investments LLC now owns 2,650 shares of the industrial products company’s stock worth $1,473,000 after buying an additional 649 shares during the last quarter. UniSuper Management Pty Ltd boosted its position in shares of 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 worth $1,912,000 after buying an additional 2,289 shares in the last quarter. Finally, Bessemer Group Inc. grew its stake in Parker-Hannifin by 162.6% in the 1st quarter. Bessemer Group Inc. now owns 10,109 shares of the industrial products company’s stock valued at $5,617,000 after acquiring an additional 6,260 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Thomas C. Gentile sold 2,430 shares of the firm’s stock in a transaction dated 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 sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at $3,831,839.40. This trade represents a 30.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were 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 approximately $1,986,282. The trade was a 20.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,927 shares of company stock worth $12,807,811 in the last ninety days. Corporate insiders own 0.39% of the company’s stock.

Parker-Hannifin Stock Performance

PH opened at $691.68 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The firm has a market cap of $89.03 billion, a PE ratio of 31.24, a P/E/G ratio of 2.82 and a beta of 1.43. The business has a fifty day simple moving average of $638.42 and a 200-day simple moving average of $576.52. Parker-Hannifin Co. has a fifty-two week low of $426.49 and a fifty-two week high of $711.60.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, beating the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter in the prior year, the firm earned $5.96 EPS. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. As a group, equities analysts predict that Parker-Hannifin Co. will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 29.45%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PH shares. UBS Group assumed coverage on shares of Parker-Hannifin in a research report on Wednesday, November 13th. They set a “buy” rating and a $842.00 target price for the company. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Truist Financial increased their target price on Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. TD Cowen boosted their price target on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Finally, Mizuho increased their price objective on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $688.07.

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.