CIBC Asset Management Inc Grows Position in Parker-Hannifin Co. (NYSE:PH)

CIBC Asset Management Inc raised its position in Parker-Hannifin Co. (NYSE:PH) by 3.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,682 shares of the industrial products company’s stock after purchasing an additional 341 shares during the quarter. CIBC Asset Management Inc’s holdings in Parker-Hannifin were worth $3,267,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. JFS Wealth Advisors LLC purchased a new position in shares of Parker-Hannifin in the 3rd quarter worth about $31,000. Parisi Gray Wealth Management purchased a new position in shares of Parker-Hannifin in the 2nd quarter worth about $55,000. Stephenson National Bank & Trust purchased a new position in shares of Parker-Hannifin in the 3rd quarter worth about $56,000. GeoWealth Management LLC acquired a new stake in shares of Parker-Hannifin in the second quarter valued at about $69,000. Finally, Arlington Partners LLC acquired a new stake in shares of Parker-Hannifin in the third quarter valued at about $69,000. Institutional investors own 78.21% of the company’s stock.

A number of equities research analysts have recently issued reports on the company. Robert W. Baird increased their target price on Parker-Hannifin from $366.00 to $440.00 and gave the company an “outperform” rating in a research note on Friday, November 5th. Zacks Investment Research upgraded Parker-Hannifin from a “sell” rating to a “hold” rating and set a $342.00 target price for the company in a research note on Monday, November 8th. Credit Suisse Group increased their target price on Parker-Hannifin from $385.00 to $415.00 and gave the company an “outperform” rating in a research note on Friday, November 5th. Vertical Research assumed coverage on Parker-Hannifin in a research note on Friday, October 8th. They issued a “buy” rating and a $337.00 target price for the company. Finally, Wells Fargo & Company assumed coverage on Parker-Hannifin in a research note on Thursday, October 7th. They issued an “overweight” rating and a $337.00 target price for the company. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Parker-Hannifin currently has a consensus rating of “Buy” and a consensus target price of $357.83.

In related news, VP Andrew M. Weeks sold 2,595 shares of the firm’s stock in a transaction that occurred on Friday, November 5th. The stock was sold at an average price of $328.01, for a total value of $851,185.95. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Thomas L. Williams sold 23,496 shares of the firm’s stock in a transaction that occurred on Friday, November 5th. The stock was sold at an average price of $324.33, for a total value of $7,620,457.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,730 shares of company stock valued at $10,678,810. Insiders own 1.47% of the company’s stock.

Shares of PH opened at $326.93 on Friday. The firm has a market cap of $42.02 billion, a price-to-earnings ratio of 22.88, a PEG ratio of 2.13 and a beta of 1.71. The stock has a 50 day moving average of $318.15 and a 200-day moving average of $304.91. The company has a current ratio of 1.72, a quick ratio of 1.03 and a debt-to-equity ratio of 0.74. Parker-Hannifin Co. has a 52 week low of $247.41 and a 52 week high of $334.98.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, November 4th. The industrial products company reported $4.26 EPS for the quarter, topping the consensus estimate of $3.68 by $0.58. The company had revenue of $3.76 billion during the quarter, compared to analyst estimates of $3.64 billion. Parker-Hannifin had a return on equity of 27.02% and a net margin of 12.60%. The business’s revenue was up 16.5% on a year-over-year basis. During the same quarter last year, the firm earned $3.07 EPS. On average, sell-side analysts predict that Parker-Hannifin Co. will post 16.98 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 3rd. Stockholders of record on Friday, November 12th were given a $1.03 dividend. The ex-dividend date was Wednesday, November 10th. This represents a $4.12 annualized dividend and a dividend yield of 1.26%. Parker-Hannifin’s payout ratio is 28.83%.

About Parker-Hannifin

Parker-Hannifin Corp. engages in the manufacture of motion and control technologies and systems. It operates through Diversified Industrial and Aerospace segments. The Diversified Industrial segment sells products to both original equipment manufacturers and distributors who serve the replacement markets in manufacturing, packaging, processing, transportation, mobile construction, refrigeration and air conditioning, agricultural and military machinery, and equipment industries.

Further Reading: Are sell-side analysts objective?

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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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