M&T Bank Corp Trims Stake in Parker-Hannifin Co. (NYSE:PH)

M&T Bank Corp lowered its position in Parker-Hannifin Co. (NYSE:PH) by 0.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 49,873 shares of the industrial products company’s stock after selling 212 shares during the period. M&T Bank Corp’s holdings in Parker-Hannifin were worth $31,510,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PH. Dynamic Advisor Solutions LLC grew its holdings in Parker-Hannifin by 2.8% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 2,140 shares of the industrial products company’s stock worth $1,082,000 after acquiring an additional 58 shares in the last quarter. ORG Partners LLC bought a new position in Parker-Hannifin during the 2nd quarter worth about $46,000. Baader Bank Aktiengesellschaft bought a new position in Parker-Hannifin during the 2nd quarter worth about $307,000. SteelPeak Wealth LLC grew its holdings in Parker-Hannifin by 39.6% during the 2nd quarter. SteelPeak Wealth LLC now owns 938 shares of the industrial products company’s stock worth $474,000 after acquiring an additional 266 shares in the last quarter. Finally, Leavell Investment Management Inc. grew its holdings in Parker-Hannifin by 1.4% during the 2nd quarter. Leavell Investment Management Inc. now owns 3,846 shares of the industrial products company’s stock worth $1,945,000 after acquiring an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Activity at Parker-Hannifin

In related news, COO Andrew D. Ross sold 4,864 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at approximately $9,263,244.80. The trade was a 27.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the completion of the sale, the chief executive officer now directly owns 33,607 shares of the company’s stock, valued at approximately $23,682,516.83. The trade was a 12.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,077 shares of company stock worth $12,303,829 in the last three months. Company insiders own 0.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PH. Mizuho raised their price target on shares of Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Stifel Nicolaus cut shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price target on the stock. in a report on Monday, November 18th. Barclays raised their price target on shares of Parker-Hannifin from $703.00 to $800.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. StockNews.com upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Finally, Raymond James raised their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and a consensus target price of $704.88.

Parker-Hannifin Stock Performance

PH opened at $677.74 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. The firm has a fifty day moving average price of $664.54 and a 200 day moving average price of $592.42. Parker-Hannifin Co. has a 1 year low of $435.77 and a 1 year high of $712.42. The stock has a market cap of $87.24 billion, a P/E ratio of 30.61, a P/E/G ratio of 2.81 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (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 firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the previous year, the business posted $5.96 EPS. The business’s revenue was up 1.2% compared to the same quarter last year. Equities research analysts anticipate that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 0.96%. The ex-dividend date was Friday, November 8th. Parker-Hannifin’s dividend payout ratio is currently 29.45%.

Parker-Hannifin 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.