Heirloom Wealth Management Purchases 981 Shares of Parker-Hannifin Co. (NYSE:PH)

Heirloom Wealth Management boosted its holdings in Parker-Hannifin Co. (NYSE:PH) by 6.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 15,233 shares of the industrial products company’s stock after purchasing an additional 981 shares during the quarter. Parker-Hannifin makes up 2.9% of Heirloom Wealth Management’s portfolio, making the stock its 12th largest position. Heirloom Wealth Management’s holdings in Parker-Hannifin were worth $9,689,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Franklin Resources Inc. lifted its stake in Parker-Hannifin by 39.2% in the 3rd quarter. Franklin Resources Inc. now owns 645,516 shares of the industrial products company’s stock worth $415,409,000 after purchasing an additional 181,859 shares in the last quarter. Howard Capital Management Group LLC bought a new stake in shares of Parker-Hannifin in the fourth quarter worth about $23,390,000. Wilkinson Global Asset Management LLC lifted its position in shares of Parker-Hannifin by 59.1% in the third quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company’s stock worth $24,700,000 after buying an additional 14,526 shares in the last quarter. SG Americas Securities LLC boosted its stake in Parker-Hannifin by 752.5% during the fourth quarter. SG Americas Securities LLC now owns 24,381 shares of the industrial products company’s stock valued at $15,507,000 after buying an additional 21,521 shares during the last quarter. Finally, Banco Santander S.A. grew its holdings in Parker-Hannifin by 11.9% during the 3rd quarter. Banco Santander S.A. now owns 14,478 shares of the industrial products company’s stock valued at $9,147,000 after buying an additional 1,544 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PH. UBS Group initiated coverage on Parker-Hannifin in a research report on Wednesday, November 13th. They set a “buy” rating and a $842.00 target price for the company. KeyCorp lifted their price objective on shares of Parker-Hannifin from $725.00 to $775.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Jefferies Financial Group upped their target price on shares of Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Truist Financial lifted their price target on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Wolfe Research upgraded Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective on the stock in a research report on Thursday, December 12th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $722.81.

Parker-Hannifin Stock Down 0.1 %

NYSE:PH opened at $679.25 on Monday. The company has a market cap of $87.43 billion, a price-to-earnings ratio of 30.68, a price-to-earnings-growth ratio of 2.76 and a beta of 1.45. Parker-Hannifin Co. has a twelve month low of $463.16 and a twelve 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. The stock has a fifty day simple moving average of $668.38 and a 200-day simple moving average of $625.84.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data 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. The company had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the company earned $5.96 EPS. Analysts anticipate that Parker-Hannifin Co. will post 26.73 EPS for the current year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $6.52 annualized dividend and a yield of 0.96%. Parker-Hannifin’s payout ratio is currently 29.45%.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the transaction, the vice president now directly owns 5,465 shares in the company, valued at approximately $3,831,839.40. This trade represents a 30.78 % 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 the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the completion of the transaction, the vice president now directly owns 15,350 shares of the company’s stock, valued at $9,686,464. This trade represents a 27.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,077 shares of company stock valued at $12,303,829 in the last ninety days. Corporate insiders own 0.39% of the company’s stock.

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.