Grove Bank & Trust Acquires 16 Shares of Parker-Hannifin Co. (NYSE:PH)

Grove Bank & Trust increased its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 11.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 150 shares of the industrial products company’s stock after acquiring an additional 16 shares during the quarter. Grove Bank & Trust’s holdings in Parker-Hannifin were worth $95,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of PH. Benjamin F. Edwards & Company Inc. lifted its holdings in Parker-Hannifin by 20.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 3,268 shares of the industrial products company’s stock worth $1,653,000 after acquiring an additional 556 shares during the period. Pacer Advisors Inc. increased its position in Parker-Hannifin by 3.6% in the second quarter. Pacer Advisors Inc. now owns 10,377 shares of the industrial products company’s stock worth $5,249,000 after buying an additional 357 shares during the last quarter. Ensign Peak Advisors Inc increased its position in Parker-Hannifin by 2.9% in the second quarter. Ensign Peak Advisors Inc now owns 24,918 shares of the industrial products company’s stock worth $12,604,000 after buying an additional 710 shares during the last quarter. ProShare Advisors LLC increased its position in Parker-Hannifin by 7.0% in the second quarter. ProShare Advisors LLC now owns 20,137 shares of the industrial products company’s stock worth $10,185,000 after buying an additional 1,323 shares during the last quarter. Finally, Frank Rimerman Advisors LLC purchased a new stake in Parker-Hannifin in the second quarter worth $1,589,000. 82.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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

Parker-Hannifin Price Performance

Parker-Hannifin stock opened at $670.75 on Tuesday. Parker-Hannifin Co. has a 52 week low of $458.09 and a 52 week high of $712.42. The business has a 50-day simple moving average of $670.95 and a 200 day simple moving average of $620.05. 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 stock has a market cap of $86.34 billion, a price-to-earnings ratio of 30.30, a PEG ratio of 2.54 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the previous year, the business earned $5.96 earnings per share. The firm’s revenue was up 1.2% on a year-over-year basis. On average, research analysts forecast that Parker-Hannifin Co. will post 26.75 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 8th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 0.97%. The ex-dividend date was Friday, November 8th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 29.45%.

Analyst Ratings Changes

PH has been the subject of a number of recent research reports. KeyCorp raised their target price on Parker-Hannifin from $725.00 to $775.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. UBS Group initiated coverage on Parker-Hannifin in a research report on Wednesday, November 13th. They issued a “buy” rating and a $842.00 target price for the company. TD Cowen raised their target price on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Jefferies Financial Group lifted their price target on Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Two investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $722.94.

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.