Lake Street Advisors Group LLC Buys 235 Shares of Parker-Hannifin Co. (NYSE:PH)

Lake Street Advisors Group LLC raised its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 7.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,368 shares of the industrial products company’s stock after purchasing an additional 235 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Parker-Hannifin were worth $2,128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. West Branch Capital LLC bought a new stake in Parker-Hannifin during the third quarter valued at approximately $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 worth $28,000 after acquiring an additional 31 shares in the last quarter. Addison Advisors LLC purchased a new position in shares of Parker-Hannifin during the second quarter worth approximately $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Parker-Hannifin during the third quarter worth approximately $39,000. Finally, 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 worth $34,000 after acquiring an additional 52 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Joseph Scaminace sold 1,751 shares of the company’s 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 in the company, valued at $2,299,947. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction that occurred on Monday, August 26th. The stock was 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 owns 3,350 shares of the company’s stock, valued at $1,986,282. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on PH. KeyCorp lifted their price target on shares of Parker-Hannifin from $640.00 to $725.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Truist Financial lifted 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. TD Cowen lifted their target price on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research note on Wednesday, September 11th. Raymond James lifted their target price on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and an average price target of $660.57.

Parker-Hannifin Stock Up 0.1 %

Shares of PH stock traded up $0.40 during mid-day trading on Friday, reaching $624.54. 63,766 shares of the company’s stock traded hands, compared to its average volume of 633,050. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $646.60. The company has a market cap of $80.36 billion, a P/E ratio of 28.64, a P/E/G ratio of 2.55 and a beta of 1.43. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The company’s 50-day moving average price is $609.91 and its 200-day moving average price is $561.47.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The firm had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the previous year, the business posted $6.08 EPS. The company’s quarterly revenue was up 1.8% on a year-over-year basis. On average, equities analysts expect that Parker-Hannifin Co. will post 26.68 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin’s payout ratio is 29.92%.

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.