1776 Wealth LLC Invests $534,000 in Parker-Hannifin Corporation $PH

1776 Wealth LLC acquired a new position in shares of Parker-Hannifin Corporation (NYSE:PH) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 704 shares of the industrial products company’s stock, valued at approximately $534,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Procyon Advisors LLC grew its holdings in shares of Parker-Hannifin by 158,565.9% in the 3rd quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock worth $3,843,346,000 after acquiring an additional 5,066,179 shares during the period. Norges Bank acquired a new stake in shares of Parker-Hannifin during the 2nd quarter worth about $1,352,509,000. Canada Pension Plan Investment Board grew its stake in Parker-Hannifin by 115.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 367,904 shares of the industrial products company’s stock worth $256,970,000 after acquiring an additional 197,317 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of Parker-Hannifin by 9.1% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,639,582 shares of the industrial products company’s stock valued at $1,145,199,000 after purchasing an additional 136,359 shares during the period. Finally, Lazard Freres Gestion S.A.S. purchased a new stake in Parker-Hannifin in the 3rd quarter valued at about $103,284,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Trading Up 0.5%

Shares of Parker-Hannifin stock opened at $996.34 on Thursday. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $1,012.49. The company has a market capitalization of $125.76 billion, a price-to-earnings ratio of 36.34, a PEG ratio of 3.20 and a beta of 1.25. The firm’s 50-day moving average price is $916.02 and its two-hundred day moving average price is $820.99.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, topping analysts’ consensus estimates of $7.11 by $0.54. The company had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.53 EPS. On average, analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 6th will be issued a dividend of $1.80 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.7%. Parker-Hannifin’s payout ratio is 26.26%.

Wall Street Analysts Forecast Growth

PH has been the topic of several research analyst reports. Mizuho lifted their price objective on Parker-Hannifin from $800.00 to $825.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Susquehanna reissued a “positive” rating and issued a $1,000.00 price objective on shares of Parker-Hannifin in a research report on Wednesday, November 12th. Argus reaffirmed a “buy” rating and issued a $900.00 target price on shares of Parker-Hannifin in a research report on Monday, November 10th. Wall Street Zen upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Wednesday, February 4th. Finally, BNP Paribas Exane started coverage on shares of Parker-Hannifin in a research report on Thursday, December 4th. They issued an “outperform” rating and a $1,020.00 price objective for the company. Seventeen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus target price of $990.47.

Insiders Place Their Bets

In related news, VP Dinu J. Parel sold 1,316 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $950.05, for a total value of $1,250,265.80. Following the sale, the vice president directly owned 6,534 shares of the company’s stock, valued at $6,207,626.70. This trade represents a 16.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Andrew D. Ross sold 2,488 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $894.81, for a total value of $2,226,287.28. Following the transaction, the chief operating officer directly owned 13,120 shares of the company’s stock, valued at approximately $11,739,907.20. The trade was a 15.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 5,825 shares of company stock valued at $5,391,341 in the last quarter. Corporate insiders own 0.32% of the company’s stock.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.