Gabelli Funds LLC increased its stake in shares of Parker-Hannifin Corp (NYSE:PH) by 0.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,650 shares of the industrial products company’s stock after buying an additional 100 shares during the quarter. Gabelli Funds LLC’s holdings in Parker-Hannifin were worth $3,007,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Ibex Wealth Advisors purchased a new position in Parker-Hannifin in the second quarter worth $27,000. Private Capital Group LLC boosted its position in Parker-Hannifin by 126.3% in the second quarter. Private Capital Group LLC now owns 172 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 96 shares during the last quarter. Quest Capital Management Inc. ADV purchased a new position in Parker-Hannifin in the third quarter worth $32,000. TRUE Private Wealth Advisors purchased a new position in Parker-Hannifin in the second quarter worth $34,000. Finally, HMS Capital Management LLC purchased a new position in Parker-Hannifin in the second quarter worth $36,000. Institutional investors and hedge funds own 80.32% of the company’s stock.
Shares of NYSE PH traded up $0.32 during trading on Friday, reaching $199.54. 684,020 shares of the stock traded hands, compared to its average volume of 893,147. Parker-Hannifin Corp has a 52-week low of $140.82 and a 52-week high of $201.38. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.96 and a quick ratio of 1.53. The company has a 50-day moving average of $183.23 and a 200-day moving average of $172.39. The stock has a market capitalization of $25.53 billion, a P/E ratio of 16.84, a price-to-earnings-growth ratio of 2.01 and a beta of 1.55.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be given a dividend of $0.88 per share. The ex-dividend date is Thursday, November 7th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.76%. Parker-Hannifin’s dividend payout ratio is presently 29.70%.
In related news, VP Joseph R. Leonti sold 2,228 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $200.56, for a total transaction of $446,847.68. Following the sale, the vice president now directly owns 22,099 shares in the company, valued at approximately $4,432,175.44. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Linda S. Harty acquired 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were bought at an average price of $158.39 per share, for a total transaction of $475,170.00. Following the completion of the purchase, the director now owns 13,243 shares in the company, valued at approximately $2,097,558.77. The disclosure for this purchase can be found here. Insiders have sold a total of 66,136 shares of company stock worth $12,079,422 in the last ninety days. Insiders own 1.23% of the company’s stock.
Several research analysts have weighed in on PH shares. Stifel Nicolaus cut their price objective on Parker-Hannifin from $176.00 to $174.00 and set a “hold” rating on the stock in a research report on Monday, October 7th. BMO Capital Markets boosted their price objective on Parker-Hannifin to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Wolfe Research set a $189.00 price objective on Parker-Hannifin and gave the stock a “hold” rating in a research report on Friday, November 1st. Goldman Sachs Group cut Parker-Hannifin from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $178.00 to $150.00 in a research report on Tuesday, July 16th. Finally, Gordon Haskett raised Parker-Hannifin from an “underperform” rating to a “hold” rating in a research report on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $185.85.
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 in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
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