Bank of Montreal Can Has $436.66 Million Stock Holdings in Parker-Hannifin Corporation $PH

Bank of Montreal Can decreased its position in Parker-Hannifin Corporation (NYSE:PH) by 8.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 575,956 shares of the industrial products company’s stock after selling 49,872 shares during the quarter. Bank of Montreal Can owned 0.46% of Parker-Hannifin worth $436,661,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Chilton Capital Management LLC acquired a new position in Parker-Hannifin in the third quarter valued at about $29,000. Ameriflex Group Inc. increased its holdings in shares of Parker-Hannifin by 366.7% during the third quarter. Ameriflex Group Inc. now owns 42 shares of the industrial products company’s stock worth $32,000 after buying an additional 33 shares in the last quarter. Valley Wealth Managers Inc. acquired a new stake in shares of Parker-Hannifin during the third quarter worth approximately $36,000. State of Wyoming bought a new position in shares of Parker-Hannifin in the second quarter valued at approximately $38,000. Finally, Financial Consulate Inc. bought a new position in shares of Parker-Hannifin in the third quarter valued at approximately $47,000. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $931.38 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 0.66. The firm has a 50 day simple moving average of $956.81 and a 200 day simple moving average of $854.84. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $1,034.96. The firm has a market cap of $117.56 billion, a P/E ratio of 33.97, a P/E/G ratio of 2.97 and a beta of 1.23.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.11 by $0.54. The firm had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.53 EPS. Sell-side analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 6th were issued a $1.80 dividend. The ex-dividend date was Friday, February 6th. This represents a $7.20 annualized dividend and a yield of 0.8%. Parker-Hannifin’s dividend payout ratio (DPR) is currently 26.26%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PH shares. Morgan Stanley increased their price target on Parker-Hannifin from $945.00 to $1,038.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 24th. BNP Paribas Exane began coverage on Parker-Hannifin in a research report on Thursday, December 4th. They issued an “outperform” rating and a $1,020.00 price objective for the company. iA Financial set a $1,032.00 price objective on Parker-Hannifin in a research note on Thursday, January 29th. Argus restated a “buy” rating and set a $900.00 target price on shares of Parker-Hannifin in a report on Monday, November 10th. Finally, Truist Financial set a $1,139.00 target price on Parker-Hannifin in a research note on Friday, January 30th. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $995.37.

Insiders Place Their Bets

In related news, VP Berend Bracht sold 1,457 shares of Parker-Hannifin stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $946.48, for a total value of $1,379,021.36. Following the completion of the sale, the vice president directly owned 2,580 shares in the company, valued at $2,441,918.40. This trade represents a 36.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Matthew A. Jacobson sold 564 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $949.94, for a total value of $535,766.16. Following the sale, the vice president directly 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 SEC filing for this sale provides additional information. Insiders have sold 12,551 shares of company stock valued at $12,117,502 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.

About Parker-Hannifin

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.