CIBC Asset Management Inc Purchases 1,453 Shares of Parker-Hannifin Co. (NYSE:PH)

CIBC Asset Management Inc increased its position in shares of Parker-Hannifin Co. (NYSE:PH) by 8.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,782 shares of the industrial products company’s stock after purchasing an additional 1,453 shares during the period. CIBC Asset Management Inc’s holdings in Parker-Hannifin were worth $11,867,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PH. Addison Advisors LLC bought a new stake in Parker-Hannifin in the 2nd quarter valued at $25,000. West Branch Capital LLC bought a new stake in Parker-Hannifin in the 3rd quarter valued at $25,000. Bangor Savings Bank grew 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 buying an additional 31 shares in the last quarter. Fortitude Family Office LLC grew its stake in shares of Parker-Hannifin by 346.7% in the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after buying an additional 52 shares in the last quarter. Finally, Crewe Advisors LLC purchased a new position in shares of Parker-Hannifin in the 1st quarter worth $38,000. 82.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PH shares. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Robert W. Baird lifted their price objective on shares of Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Truist Financial lifted their price target on shares of Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. 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. Finally, KeyCorp lifted their price target on shares of Parker-Hannifin from $640.00 to $725.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $688.07.

Parker-Hannifin Price Performance

Parker-Hannifin stock opened at $698.91 on Friday. The stock has a market cap of $89.96 billion, a price-to-earnings ratio of 31.57, a price-to-earnings-growth ratio of 2.85 and a beta of 1.43. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. Parker-Hannifin Co. has a 1 year low of $425.20 and a 1 year high of $711.60. The firm has a 50-day moving average of $636.19 and a two-hundred day moving average of $575.15.

Parker-Hannifin (NYSE:PH) last posted 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. The business had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.96 EPS. On average, research analysts forecast that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid a dividend of $1.63 per share. The ex-dividend date is Friday, November 8th. This represents a $6.52 annualized dividend and a dividend yield of 0.93%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.45%.

Insider Buying and Selling

In other Parker-Hannifin news, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the transaction, the vice president now owns 15,350 shares in the company, valued at approximately $9,686,464. This represents a 27.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $503,982.00. Following the transaction, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The trade was a 20.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,927 shares of company stock worth $12,807,811 in the last 90 days. 0.39% of the stock is owned by corporate insiders.

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.