Avestar Capital LLC Grows Stake in Parker-Hannifin Co. (NYSE:PH)

Avestar Capital LLC boosted its position in shares of Parker-Hannifin Co. (NYSE:PH) by 11.4% during the third quarter, Holdings Channel reports. The firm owned 645 shares of the industrial products company’s stock after buying an additional 66 shares during the quarter. Avestar Capital LLC’s holdings in Parker-Hannifin were worth $408,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PH. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin during the 2nd quarter worth approximately $25,000. West Branch Capital LLC purchased a new stake in shares of Parker-Hannifin in the third quarter valued at $25,000. Bangor Savings Bank boosted its stake in shares of Parker-Hannifin by 238.5% during 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 during the last quarter. Fortitude Family Office LLC increased its position in Parker-Hannifin by 346.7% during the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 52 shares in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new position in Parker-Hannifin in the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Parker-Hannifin stock opened at $699.71 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. The firm’s fifty day moving average price is $653.32 and its 200 day moving average price is $583.58. The company has a market capitalization of $90.07 billion, a price-to-earnings ratio of 31.60, a price-to-earnings-growth ratio of 2.84 and a beta of 1.43. Parker-Hannifin Co. has a 12-month low of $426.49 and a 12-month high of $712.42.

Parker-Hannifin (NYSE:PH) last released its quarterly 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. The business had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company’s revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.96 earnings per share. On average, research analysts forecast that Parker-Hannifin Co. will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin’s dividend payout ratio is currently 29.45%.

Insider Transactions at Parker-Hannifin

In other news, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the sale, the vice president now directly owns 5,465 shares in the company, valued at approximately $3,831,839.40. This represents a 30.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Andrew D. Ross sold 4,864 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This represents a 27.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,077 shares of company stock valued at $12,303,829. Insiders own 0.39% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on PH shares. StockNews.com upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Wells Fargo & Company increased their price target on Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Stifel Nicolaus downgraded Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 target price on the stock. in a research report on Monday, November 18th. Barclays lifted their price target on Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Finally, TD Cowen raised their target price on shares of Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $691.40.

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.