Zurcher Kantonalbank Zurich Cantonalbank Raises Holdings in Parker-Hannifin Co. (NYSE:PH)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Parker-Hannifin Co. (NYSE:PH) by 5.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 62,626 shares of the industrial products company’s stock after purchasing an additional 3,290 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Parker-Hannifin were worth $39,568,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Addison Advisors LLC purchased a new stake in shares of Parker-Hannifin during the second quarter worth approximately $25,000. West Branch Capital LLC purchased a new stake in shares of Parker-Hannifin during the third quarter worth approximately $25,000. Bangor Savings Bank increased 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 purchasing an additional 31 shares in the last quarter. Fortitude Family Office LLC boosted its stake in Parker-Hannifin by 346.7% during the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after buying an additional 52 shares during the last quarter. Finally, Opal Wealth Advisors LLC acquired a new position in Parker-Hannifin during the second quarter worth $39,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PH has been the topic of a number of recent research reports. Stifel Nicolaus lowered Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price objective on the stock. in a research note on Monday, November 18th. KeyCorp upped their price target on Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Barclays upped their price target on Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. TD Cowen upped their price target on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Finally, Evercore ISI upped their price target on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $691.40.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $699.88 on Friday. The stock’s 50-day moving average is $654.79 and its two-hundred day moving average is $584.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. Parker-Hannifin Co. has a 1-year low of $426.49 and a 1-year high of $712.42. The company has a market cap of $90.09 billion, a price-to-earnings ratio of 31.61, a price-to-earnings-growth ratio of 2.82 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last issued 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 company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter in the prior year, the business earned $5.96 EPS. Parker-Hannifin’s revenue was up 1.2% on a year-over-year basis. Analysts forecast that Parker-Hannifin Co. will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

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

Insiders Place Their Bets

In other news, CEO Jennifer A. Parmentier sold 4,906 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total value of $3,457,209.14. Following the transaction, the chief executive officer now owns 33,607 shares in the company, valued at approximately $23,682,516.83. This represents a 12.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now owns 13,120 shares in the company, valued at approximately $9,263,244.80. The trade was a 27.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,077 shares of company stock worth $12,303,829 in the last quarter. 0.39% of the stock is owned by company insiders.

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.