Park National Corp OH Invests $578,000 in Parker-Hannifin Corporation $PH

Park National Corp OH bought a new stake in Parker-Hannifin Corporation (NYSE:PH) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 658 shares of the industrial products company’s stock, valued at approximately $578,000.

A number of other hedge funds have also bought and sold shares of PH. Procyon Advisors LLC boosted its position in Parker-Hannifin by 158,565.9% in the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock worth $3,843,346,000 after purchasing an additional 5,066,179 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Parker-Hannifin by 0.6% during the 3rd quarter. Bank of America Corp DE now owns 3,904,591 shares of the industrial products company’s stock worth $2,960,266,000 after purchasing an additional 22,706 shares during the period. Capital World Investors raised its stake in shares of Parker-Hannifin by 7.0% during the 3rd quarter. Capital World Investors now owns 2,584,141 shares of the industrial products company’s stock worth $1,959,166,000 after purchasing an additional 169,073 shares during the period. Invesco Ltd. boosted its holdings in shares of Parker-Hannifin by 1.8% in the 2nd quarter. Invesco Ltd. now owns 2,345,922 shares of the industrial products company’s stock worth $1,638,556,000 after buying an additional 41,221 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in Parker-Hannifin by 0.6% during the third quarter. Ameriprise Financial Inc. now owns 2,207,996 shares of the industrial products company’s stock valued at $1,674,132,000 after buying an additional 13,309 shares during the period. 82.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PH has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Parker-Hannifin from $1,083.00 to $1,100.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. iA Financial set a $1,032.00 target price on shares of Parker-Hannifin in a research report on Thursday, January 29th. Morgan Stanley raised their price target on shares of Parker-Hannifin from $945.00 to $1,038.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 24th. Truist Financial set a $1,139.00 price objective on Parker-Hannifin in a research note on Friday, January 30th. Finally, KeyCorp reissued an “overweight” rating and set a $1,100.00 price objective on shares of Parker-Hannifin in a report on Friday, January 30th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $995.37.

Parker-Hannifin Stock Down 0.8%

Shares of NYSE PH opened at $893.04 on Friday. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average of $957.97 and a 200-day moving average of $862.79. The firm has a market capitalization of $112.72 billion, a price-to-earnings ratio of 32.57, a PEG ratio of 2.90 and a beta of 1.23. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $1,034.96.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. During the same quarter last year, the firm earned $6.53 earnings per share. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. Sell-side analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 6th were issued a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, February 6th. Parker-Hannifin’s payout ratio is currently 26.26%.

Insider Buying and Selling

In related news, VP Matthew A. Jacobson sold 564 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $949.94, for a total value of $535,766.16. Following the transaction, the vice president owned 1,000 shares of the company’s stock, valued at $949,940. This represents a 36.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Dinu J. Parel sold 1,316 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $950.05, for a total value of $1,250,265.80. Following the sale, the vice president owned 6,534 shares in the company, valued at $6,207,626.70. The trade was a 16.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 10,063 shares of company stock valued at $9,891,214 in the last three months. 0.32% of the stock is owned by corporate insiders.

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.