King Wealth Management Group Has $7.74 Million Stock Position in Parker-Hannifin Co. (NYSE:PH)

King Wealth Management Group grew its position in Parker-Hannifin Co. (NYSE:PH) by 439.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 12,245 shares of the industrial products company’s stock after acquiring an additional 9,975 shares during the quarter. Parker-Hannifin makes up about 1.2% of King Wealth Management Group’s investment portfolio, making the stock its 23rd largest holding. King Wealth Management Group’s holdings in Parker-Hannifin were worth $7,737,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PH. International Assets Investment Management LLC raised its holdings in Parker-Hannifin by 64,081.5% during the third quarter. International Assets Investment Management LLC now owns 381,880 shares of the industrial products company’s stock valued at $241,279,000 after buying an additional 381,285 shares in the last quarter. 1832 Asset Management L.P. boosted its position in Parker-Hannifin by 305.0% during the first quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock worth $171,069,000 after purchasing an additional 231,788 shares during the period. AMF Tjanstepension AB grew its holdings in Parker-Hannifin by 23.0% during the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Parker-Hannifin by 107.7% in the second quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company’s stock valued at $137,437,000 after purchasing an additional 140,898 shares during the period. Finally, Swedbank AB lifted its stake in shares of Parker-Hannifin by 377.8% in the third quarter. Swedbank AB now owns 158,085 shares of the industrial products company’s stock worth $99,881,000 after buying an additional 125,000 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $697.63 on Friday. The firm’s 50 day moving average is $631.19 and its 200 day moving average is $573.08. The stock has a market capitalization of $89.80 billion, a P/E ratio of 31.51, a PEG ratio of 2.85 and a beta of 1.43. 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 Co. has a 12 month low of $425.20 and a 12 month high of $711.60.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the company earned $5.96 EPS. On average, 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. Shareholders of record on Friday, November 8th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a yield of 0.93%. Parker-Hannifin’s dividend payout ratio (DPR) is currently 29.45%.

Analyst Ratings Changes

A number of research firms have recently commented on PH. Barclays lifted their price objective on Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. KeyCorp boosted their target price on shares of Parker-Hannifin from $640.00 to $725.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Mizuho raised their price target on shares of Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Evercore ISI upped their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $688.07.

Insiders Place Their Bets

In other news, VP Berend Bracht sold 850 shares of the company’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 value of $503,982.00. Following the transaction, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. This represents a 20.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the transaction, the chief operating officer now owns 13,120 shares in the company, valued at approximately $9,263,244.80. This trade represents a 27.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,927 shares of company stock valued at $12,807,811 in the last ninety days. Company 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.