CIBC Asset Management Inc Purchases 1,453 Shares of Parker-Hannifin Co. (NYSE:PH)

CIBC Asset Management Inc lifted its position in Parker-Hannifin Co. (NYSE:PH) by 8.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,782 shares of the industrial products company’s stock after purchasing an additional 1,453 shares during the quarter. CIBC Asset Management Inc’s holdings in Parker-Hannifin were worth $11,867,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Addison Advisors LLC purchased a new position in Parker-Hannifin in the second quarter worth $25,000. West Branch Capital LLC bought a new position in shares of Parker-Hannifin during the third quarter valued at about $25,000. Bangor Savings Bank raised its stake in shares of Parker-Hannifin by 238.5% during the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 31 shares during the last quarter. Fortitude Family Office LLC raised its stake in shares of Parker-Hannifin by 346.7% during the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 52 shares during the last quarter. Finally, Crewe Advisors LLC bought a new position in Parker-Hannifin in the first quarter worth about $38,000. Institutional investors own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PH shares. Wells Fargo & Company increased their price target on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. TD Cowen increased their price target on shares of Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. UBS Group started coverage on shares of Parker-Hannifin in a research note on Wednesday. They issued a “buy” rating and a $842.00 price target for the company. Truist Financial increased their price target on shares of Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, KeyCorp raised their target price on shares of Parker-Hannifin from $640.00 to $725.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $688.07.

Insider Transactions at Parker-Hannifin

In other news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Thomas C. Gentile sold 2,430 shares of Parker-Hannifin stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the transaction, the vice president now owns 5,465 shares in the company, valued at $3,831,839.40. This represents a 30.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,927 shares of company stock worth $12,807,811 in the last 90 days. 0.39% of the stock is currently owned by insiders.

Parker-Hannifin Trading Up 0.2 %

NYSE:PH opened at $698.91 on Friday. Parker-Hannifin Co. has a 52 week low of $425.20 and a 52 week high of $711.60. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The company’s 50 day moving average price is $636.19 and its 200-day moving average price is $575.15. The stock has a market cap of $89.96 billion, a price-to-earnings ratio of 31.57, a PEG ratio of 2.85 and a beta of 1.43.

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 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 company had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter last year, the company posted $5.96 earnings per share. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. On average, equities research analysts forecast that Parker-Hannifin Co. will post 26.77 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 0.93%. The ex-dividend date is 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.