Parker-Hannifin Co. (NYSE:PH) Shares Sold by Inspire Investing LLC

Inspire Investing LLC lowered its stake in Parker-Hannifin Co. (NYSE:PH) by 8.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 11,941 shares of the industrial products company’s stock after selling 1,088 shares during the quarter. Parker-Hannifin comprises about 0.8% of Inspire Investing LLC’s holdings, making the stock its 15th largest position. Inspire Investing LLC’s holdings in Parker-Hannifin were worth $7,545,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Bangor Savings Bank boosted its position in Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after buying an additional 31 shares during the last quarter. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin in the second quarter worth about $25,000. Harbor Investment Advisory LLC lifted its stake in shares of Parker-Hannifin by 60.6% in the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 20 shares in the last quarter. Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin in the first quarter valued at about $31,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Parker-Hannifin during the 4th quarter valued at approximately $30,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Trading Up 0.9 %

Shares of NYSE PH opened at $637.15 on Friday. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $640.00. The company has a market cap of $81.90 billion, a price-to-earnings ratio of 30.03, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. The stock’s 50 day simple moving average is $595.82 and its 200 day simple moving average is $556.93.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter in the previous year, the company posted $6.08 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. Equities research analysts expect that Parker-Hannifin Co. will post 26.64 EPS for the current year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were paid a $1.63 dividend. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.02%. Parker-Hannifin’s payout ratio is currently 30.73%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PH. Stifel Nicolaus increased their target price on Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Robert W. Baird increased their price objective on shares of Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Evercore ISI upped their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Finally, Barclays lifted their price target on Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average target price of $649.86.

Insider Activity

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the transaction, the director now owns 3,900 shares in the company, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $503,982.00. Following the completion of the transaction, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

About Parker-Hannifin

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.