MTM Investment Management LLC Invests $238,000 in Parker-Hannifin Co. (NYSE:PH)

MTM Investment Management LLC purchased a new stake in shares of Parker-Hannifin Co. (NYSE:PH) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 378 shares of the industrial products company’s stock, valued at approximately $238,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. West Branch Capital LLC purchased a new stake in Parker-Hannifin during the 3rd quarter valued at $25,000. Bangor Savings Bank boosted 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 valued at $28,000 after buying an additional 31 shares during the last quarter. Addison Advisors LLC bought a new stake in Parker-Hannifin in the 2nd quarter worth about $25,000. Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin in the 3rd quarter worth about $39,000. Finally, Fortitude Family Office LLC lifted its stake 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 valued at $34,000 after acquiring an additional 52 shares during the period. 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 analyst reports. Wells Fargo & Company lifted their price target on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Evercore ISI lifted their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. TD Cowen increased their price target on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Raymond James lifted their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Finally, Truist Financial increased their target price on Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus price target of $688.07.

Parker-Hannifin Trading Down 0.3 %

Parker-Hannifin stock opened at $689.56 on Wednesday. Parker-Hannifin Co. has a 12-month low of $426.49 and a 12-month high of $711.60. The firm has a market capitalization of $88.76 billion, a price-to-earnings ratio of 31.15, a P/E/G ratio of 2.82 and a beta of 1.43. The firm has a 50 day moving average of $640.59 and a 200 day moving average of $577.60. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the prior year, the company posted $5.96 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, research analysts predict that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be given a $1.63 dividend. The ex-dividend date is Friday, November 8th. This represents a $6.52 annualized dividend and a dividend yield of 0.95%. Parker-Hannifin’s payout ratio is 29.45%.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, CEO Jennifer A. Parmentier sold 4,906 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the completion of the transaction, the chief executive officer now owns 33,607 shares of the company’s stock, valued at $23,682,516.83. This represents a 12.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Joseph R. Leonti sold 5,877 shares of Parker-Hannifin stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $631.04, for a total value of $3,708,622.08. Following the completion of the sale, the vice president now directly owns 15,350 shares in the company, valued at $9,686,464. This trade represents a 27.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,927 shares of company stock valued at $12,807,811 over the last 90 days. Company insiders own 0.39% of the company’s stock.

Parker-Hannifin Company Profile

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.