King Wealth Management Group Boosts Stake in Parker-Hannifin Co. (NYSE:PH)

King Wealth Management Group increased its stake in Parker-Hannifin Co. (NYSE:PH) by 439.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,245 shares of the industrial products company’s stock after acquiring an additional 9,975 shares during the period. Parker-Hannifin comprises approximately 1.2% of King Wealth Management Group’s portfolio, making the stock its 23rd largest position. King Wealth Management Group’s holdings in Parker-Hannifin were worth $7,737,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Parker-Hannifin by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock worth $5,872,694,000 after buying an additional 105,475 shares during the period. Boston Partners boosted its holdings in Parker-Hannifin by 4.1% in the first quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock valued at $617,878,000 after acquiring an additional 43,535 shares in the last quarter. Legal & General Group Plc increased its position in Parker-Hannifin by 1.3% during the 2nd quarter. Legal & General Group Plc now owns 985,280 shares of the industrial products company’s stock valued at $498,366,000 after purchasing an additional 12,615 shares during the period. AMF Tjanstepension AB raised its holdings in Parker-Hannifin by 23.0% in the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock worth $383,594,000 after purchasing an additional 141,862 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in shares of Parker-Hannifin by 11.6% in the 2nd quarter. Bank of Montreal Can now owns 735,755 shares of the industrial products company’s stock worth $378,572,000 after purchasing an additional 76,629 shares during the period. Institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PH shares. Raymond James upped their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Stifel Nicolaus raised their price target on Parker-Hannifin from $633.00 to $691.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Robert W. Baird upped their target price 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. Mizuho increased their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company increased their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $688.07.

Insider Buying and Selling at Parker-Hannifin

In other news, CEO Jennifer A. Parmentier sold 4,906 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total value of $3,457,209.14. Following the completion of the transaction, the chief executive officer now owns 33,607 shares in the company, valued at approximately $23,682,516.83. This trade represents a 12.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was 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 $1,986,282. This trade represents a 20.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,927 shares of company stock worth $12,807,811. Insiders own 0.39% of the company’s stock.

Parker-Hannifin Stock Performance

NYSE PH opened at $697.63 on Friday. The business’s 50 day moving average is $631.19 and its two-hundred day moving average is $573.08. Parker-Hannifin Co. has a 12-month low of $425.20 and a 12-month high of $711.60. The stock has a market capitalization of $89.80 billion, a price-to-earnings 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 (NYSE:PH) last posted its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the prior year, the company earned $5.96 earnings per share. Parker-Hannifin’s revenue was up 1.2% compared to the same quarter last year. Research analysts expect that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Announces Dividend

The company also recently declared 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. The ex-dividend date is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.93%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.45%.

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.