Cornerstone Wealth Management LLC Has $5.58 Million Stake in Parker-Hannifin Co. (NYSE:PH)

Cornerstone Wealth Management LLC grew its position in Parker-Hannifin Co. (NYSE:PH) by 1.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,835 shares of the industrial products company’s stock after buying an additional 124 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Parker-Hannifin were worth $5,582,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Addison Advisors LLC acquired a new position in Parker-Hannifin during the second quarter valued at approximately $25,000. Bangor Savings Bank raised its holdings in shares of Parker-Hannifin by 238.5% during 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. Harbor Investment Advisory LLC lifted its position in shares of Parker-Hannifin by 60.6% during the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after buying an additional 20 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new stake in Parker-Hannifin in the fourth quarter valued at about $30,000. Finally, Northwest Investment Counselors LLC bought a new position in Parker-Hannifin in the first quarter valued at about $31,000. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Down 0.1 %

Shares of NYSE:PH opened at $637.48 on Thursday. The business’s 50-day moving average is $603.46 and its 200-day moving average is $558.68. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $646.60. The company has a market capitalization of $81.94 billion, a price-to-earnings ratio of 30.04, a P/E/G ratio of 2.57 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. The firm had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the business earned $6.08 EPS. Equities research analysts predict that Parker-Hannifin Co. will post 26.64 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.02%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 30.73%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PH. Evercore ISI increased their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a report on Monday, August 19th. TD Cowen raised their target price on shares of Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a research report on Wednesday, September 11th. Barclays boosted their target price on shares of Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft increased their price target on Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus boosted their price objective on Parker-Hannifin from $633.00 to $691.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $655.93.

Insider Activity

In related news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the sale, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the sale, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

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.