IRON Financial LLC Invests $209,000 in Parker-Hannifin Co. (NYSE:PH)

IRON Financial LLC purchased a new position in Parker-Hannifin Co. (NYSE:PH) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 330 shares of the industrial products company’s stock, valued at approximately $209,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. United Asset Strategies Inc. raised its holdings in shares of Parker-Hannifin by 1.2% in the third quarter. United Asset Strategies Inc. now owns 23,269 shares of the industrial products company’s stock worth $14,702,000 after buying an additional 266 shares during the period. US Bancorp DE increased its holdings in Parker-Hannifin by 1.2% during the 3rd quarter. US Bancorp DE now owns 77,508 shares of the industrial products company’s stock worth $48,972,000 after purchasing an additional 924 shares during the period. Congress Asset Management Co. increased its holdings in Parker-Hannifin by 1.2% during the 3rd quarter. Congress Asset Management Co. now owns 165,096 shares of the industrial products company’s stock worth $104,311,000 after purchasing an additional 2,024 shares during the period. Vinland Capital Management Gestora de Recursos LTDA. purchased a new position in Parker-Hannifin during the 3rd quarter worth $818,000. Finally, Catalyst Financial Partners LLC purchased a new position in Parker-Hannifin during the 3rd quarter worth $246,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports 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 report on Wednesday, October 2nd. Barclays raised their price objective on Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. TD Cowen raised their price objective on Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research report on Wednesday, September 11th. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Finally, Mizuho raised their price objective on Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $660.57.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock traded up $4.13 on Thursday, hitting $628.42. The company’s stock had a trading volume of 464,567 shares, compared to its average volume of 633,612. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $646.60. The firm has a fifty day moving average price of $613.70 and a 200-day moving average price of $563.78. The company has a market capitalization of $80.86 billion, a price-to-earnings ratio of 28.52, a price-to-earnings-growth ratio of 2.52 and a beta of 1.43.

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

Parker-Hannifin Dividend Announcement

The company also recently disclosed 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 1.04%. The ex-dividend date is Friday, November 8th. Parker-Hannifin’s payout ratio is 29.92%.

Insider Buying and Selling

In related news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction dated 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 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 SEC, which is accessible through this hyperlink. In other news, VP Berend Bracht sold 850 shares of the business’s 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 transaction, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. 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. Also, Director Joseph Scaminace sold 1,751 shares of the business’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 owns 3,900 shares in the company, valued at approximately $2,299,947. 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 insiders.

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.