Investment Management Corp of Ontario Buys 1,400 Shares of Parker-Hannifin Co. (NYSE:PH)

Investment Management Corp of Ontario boosted its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 48.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,275 shares of the industrial products company’s stock after purchasing an additional 1,400 shares during the quarter. Investment Management Corp of Ontario’s holdings in Parker-Hannifin were worth $2,701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. HighTower Advisors LLC raised its stake in shares of Parker-Hannifin by 0.4% in the third quarter. HighTower Advisors LLC now owns 96,360 shares of the industrial products company’s stock worth $60,915,000 after purchasing an additional 404 shares during the last quarter. Hilltop Holdings Inc. grew its holdings in Parker-Hannifin by 984.3% in the third quarter. Hilltop Holdings Inc. now owns 8,685 shares of the industrial products company’s stock valued at $5,487,000 after purchasing an additional 7,884 shares during the period. Cinctive Capital Management LP acquired a new stake in shares of Parker-Hannifin in the third quarter worth approximately $1,332,000. Concentric Capital Strategies LP boosted its stake in shares of Parker-Hannifin by 147.7% in the third quarter. Concentric Capital Strategies LP now owns 23,206 shares of the industrial products company’s stock worth $14,662,000 after acquiring an additional 13,837 shares during the last quarter. Finally, Ascent Group LLC boosted its stake in shares of Parker-Hannifin by 3.4% in the third quarter. Ascent Group LLC now owns 3,501 shares of the industrial products company’s stock worth $2,212,000 after acquiring an additional 114 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PH shares. Deutsche Bank Aktiengesellschaft lifted their price objective on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Raymond James lifted their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Stifel Nicolaus downgraded Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price objective on the stock. in a research report on Monday, November 18th. TD Cowen lifted their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Finally, Argus lifted their price objective on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average price target of $691.40.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $696.56 on Thursday. The company has a market cap of $89.66 billion, a price-to-earnings ratio of 31.46, a price-to-earnings-growth ratio of 2.83 and a beta of 1.43. The stock has a 50 day simple moving average of $661.02 and a 200-day simple moving average of $588.91. Parker-Hannifin Co. has a 12-month low of $431.98 and a 12-month high of $712.42. 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 (NYSE:PH) last issued its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $5.96 EPS. On average, equities analysts forecast that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Dividend Announcement

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

Insider Transactions at Parker-Hannifin

In related news, COO Andrew D. Ross sold 4,864 shares of Parker-Hannifin stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $9,263,244.80. This trade represents a 27.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Joseph R. Leonti sold 5,877 shares of Parker-Hannifin stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $631.04, for a total value of $3,708,622.08. Following the completion of the transaction, the vice president now owns 15,350 shares of the company’s stock, valued at $9,686,464. This trade represents a 27.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,077 shares of company stock worth $12,303,829 over the last quarter. 0.39% of the stock is currently owned by 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.