Oppenheimer Asset Management Inc. Buys 6,240 Shares of Parker-Hannifin Co. (NYSE:PH)

Oppenheimer Asset Management Inc. grew its position in shares of Parker-Hannifin Co. (NYSE:PH) by 36.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,405 shares of the industrial products company’s stock after purchasing an additional 6,240 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Parker-Hannifin were worth $11,838,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wealthspire Advisors LLC lifted its stake in Parker-Hannifin by 9.2% in the second quarter. Wealthspire Advisors LLC now owns 1,267 shares of the industrial products company’s stock valued at $641,000 after buying an additional 107 shares during the period. Thoroughbred Financial Services LLC boosted its stake in Parker-Hannifin by 79.4% during the second quarter. Thoroughbred Financial Services LLC now owns 3,662 shares of the industrial products company’s stock worth $1,852,000 after acquiring an additional 1,621 shares in the last quarter. HBK Sorce Advisory LLC grew its holdings in Parker-Hannifin by 0.3% in the second quarter. HBK Sorce Advisory LLC now owns 10,235 shares of the industrial products company’s stock worth $5,177,000 after purchasing an additional 30 shares during the period. RS Crum Inc. bought a new stake in Parker-Hannifin in the second quarter valued at $279,000. Finally, TradeLink Capital LLC bought a new stake in Parker-Hannifin in the 2nd quarter valued at about $405,000. 82.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

PH has been the subject of several research reports. Stifel Nicolaus reduced their price target on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Barclays cut their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Evercore ISI lifted their price objective 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. Wells Fargo & Company lifted their price target on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. Finally, Robert W. Baird raised their price objective on Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $624.43.

Insider Activity

In related news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Parker-Hannifin Price Performance

Shares of PH stock opened at $591.33 on Friday. The business’s fifty day moving average is $562.14 and its 200 day moving average is $545.02. 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 stock has a market cap of $76.05 billion, a price-to-earnings ratio of 27.87, a PEG ratio of 2.37 and a beta of 1.43. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $601.30.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, topping the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The business had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. During the same quarter in the previous year, the firm posted $6.08 earnings per share. Parker-Hannifin’s quarterly revenue was up 1.8% on a year-over-year basis. Research analysts expect that Parker-Hannifin Co. will post 26.67 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were paid a $1.63 dividend. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.10%. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

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.