Parker-Hannifin Co. (NYSE:PH) Shares Sold by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC trimmed its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 10.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,928 shares of the industrial products company’s stock after selling 907 shares during the period. Cornerstone Wealth Management LLC’s holdings in Parker-Hannifin were worth $5,043,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. West Branch Capital LLC acquired a new stake in Parker-Hannifin in the third quarter valued at approximately $25,000. Bangor Savings Bank lifted its position in shares of Parker-Hannifin by 238.5% in 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 in the last quarter. Prestige Wealth Management Group LLC lifted its position in shares of Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 25 shares in the last quarter. Bank of New Hampshire purchased a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $35,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Parker-Hannifin in the third quarter valued at approximately $39,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PH has been the topic of several research reports. Jefferies Financial Group raised their target price on Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a research report on Friday, December 6th. TD Cowen raised their target price on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Wolfe Research upgraded Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective on the stock in a research report on Thursday, December 12th. Finally, Robert W. Baird boosted their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average target price of $722.94.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,864 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the sale, the chief operating officer now owns 13,120 shares in the company, valued at $9,263,244.80. This represents a 27.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $631.04, for a total value of $3,708,622.08. Following the sale, the vice president now owns 15,350 shares in the company, valued at approximately $9,686,464. This trade represents a 27.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,077 shares of company stock worth $12,303,829. 0.39% of the stock is currently owned by company insiders.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $679.86 on Friday. 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 firm has a market cap of $87.51 billion, a PE ratio of 30.71, a price-to-earnings-growth ratio of 2.76 and a beta of 1.45. Parker-Hannifin Co. has a 52 week low of $463.16 and a 52 week high of $712.42. The business’s fifty day simple moving average is $669.12 and its 200-day simple moving average is $622.74.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.14 by $0.06. The firm had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.96 EPS. Equities analysts forecast that Parker-Hannifin Co. will post 26.73 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 7th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 0.96%. Parker-Hannifin’s dividend payout ratio is presently 29.45%.

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.