Concentric Capital Strategies LP Increases Position in Parker-Hannifin Co. (NYSE:PH)

Concentric Capital Strategies LP grew its position in shares of Parker-Hannifin Co. (NYSE:PH) by 147.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,206 shares of the industrial products company’s stock after buying an additional 13,837 shares during the quarter. Parker-Hannifin accounts for 0.6% of Concentric Capital Strategies LP’s investment portfolio, making the stock its 25th largest holding. Concentric Capital Strategies LP’s holdings in Parker-Hannifin were worth $14,662,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the business. Addison Advisors LLC acquired a new position in Parker-Hannifin in the 2nd quarter valued at $25,000. West Branch Capital LLC purchased a new position in Parker-Hannifin in the third quarter valued at about $25,000. Bangor Savings Bank grew its position 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 worth $28,000 after buying an additional 31 shares in the last quarter. Fortitude Family Office LLC increased its position in shares of Parker-Hannifin by 346.7% in 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 during the last quarter. Finally, Opal Wealth Advisors LLC bought a new position in Parker-Hannifin during the 2nd quarter worth approximately $39,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

PH has been the subject of a number of research reports. Raymond James lifted their price objective on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Truist Financial upped their price objective on shares of Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Barclays lifted their price target on Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. Mizuho boosted their target price on shares of Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Stifel Nicolaus cut shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 target price for the company. in a report on Monday, November 18th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and a consensus target price of $691.40.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $702.90 on Monday. The firm has a market cap of $90.48 billion, a PE ratio of 31.75, a P/E/G ratio of 2.84 and a beta of 1.43. Parker-Hannifin Co. has a 12 month low of $426.78 and a 12 month high of $712.42. The company’s fifty day simple moving average is $656.37 and its 200-day simple moving average is $585.92. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share 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 firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the previous year, the firm earned $5.96 EPS. The business’s quarterly revenue was up 1.2% on a year-over-year basis. Equities research analysts expect that Parker-Hannifin Co. will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

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

Insider Activity

In other Parker-Hannifin news, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $631.04, for a total value of $3,708,622.08. Following the transaction, the vice president now directly owns 15,350 shares in the company, valued at $9,686,464. The trade was a 27.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the completion of the transaction, the vice president now directly owns 5,465 shares in the company, valued at $3,831,839.40. The trade was a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,077 shares of company stock valued at $12,303,829. 0.39% of the stock is owned by company 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.