Ledyard National Bank Takes $256,000 Position in Parker-Hannifin Co. (NYSE:PH)

Ledyard National Bank purchased a new position in Parker-Hannifin Co. (NYSE:PH) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 555 shares of the industrial products company’s stock, valued at approximately $256,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Chase Investment Counsel Corp lifted its position in shares of Parker-Hannifin by 1.6% in the 4th quarter. Chase Investment Counsel Corp now owns 1,668 shares of the industrial products company’s stock worth $768,000 after purchasing an additional 27 shares during the period. Choreo LLC purchased a new position in shares of Parker-Hannifin in the 4th quarter valued at $244,000. Mitchell Mcleod Pugh & Williams Inc. bought a new position in shares of Parker-Hannifin in the 4th quarter worth $222,000. Mather Group LLC. boosted its position in Parker-Hannifin by 1.8% during the fourth quarter. Mather Group LLC. now owns 2,545 shares of the industrial products company’s stock valued at $1,172,000 after purchasing an additional 44 shares in the last quarter. Finally, Gilbert & Cook Inc. grew its stake in Parker-Hannifin by 5.0% in the fourth quarter. Gilbert & Cook Inc. now owns 1,031 shares of the industrial products company’s stock valued at $475,000 after purchasing an additional 49 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

PH traded down $6.83 on Tuesday, hitting $547.61. 141,450 shares of the company’s stock were exchanged, compared to its average volume of 578,521. Parker-Hannifin Co. has a fifty-two week low of $318.32 and a fifty-two week high of $570.15. The stock has a market cap of $70.32 billion, a price-to-earnings ratio of 27.45, a P/E/G ratio of 2.03 and a beta of 1.52. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72. The firm has a 50-day moving average price of $543.95 and a 200-day moving average price of $479.82.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The business had revenue of $4.82 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the previous year, the firm posted $4.76 EPS. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. As a group, equities analysts anticipate that Parker-Hannifin Co. will post 24.3 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio (DPR) is 29.31%.

Insider Buying and Selling at Parker-Hannifin

In related news, COO Andrew D. Ross sold 3,904 shares of Parker-Hannifin stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the sale, the chief operating officer now owns 13,120 shares in the company, valued at approximately $6,693,299.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Andrew D. Ross sold 3,904 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $6,693,299.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark J. Hart sold 5,197 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $502.94, for a total transaction of $2,613,779.18. Following the sale, the executive vice president now owns 7,063 shares in the company, valued at $3,552,265.22. The disclosure for this sale can be found here. Insiders sold a total of 12,079 shares of company stock worth $6,099,566 over the last three months. Insiders own 1.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PH. Barclays raised their price target on shares of Parker-Hannifin from $558.00 to $625.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. Stifel Nicolaus upped their price target on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Evercore ISI raised their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. TD Cowen raised Parker-Hannifin from an “underperform” rating to a “market perform” rating and upped their target price for the company from $300.00 to $500.00 in a research report on Friday, March 1st. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $551.00 price target on shares of Parker-Hannifin in a report on Tuesday, January 2nd. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $515.38.

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.