Wesbanco Bank Inc. Sells 25,026 Shares of Parker-Hannifin Corp (PH)

Wesbanco Bank Inc. lessened its holdings in Parker-Hannifin Corp (NYSE:PH) by 82.6% in the third quarter, HoldingsChannel.com reports. The fund owned 5,265 shares of the industrial products company’s stock after selling 25,026 shares during the period. Wesbanco Bank Inc.’s holdings in Parker-Hannifin were worth $969,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. raised its stake in Parker-Hannifin by 5,815.4% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 769 shares of the industrial products company’s stock worth $120,000 after acquiring an additional 756 shares in the last quarter. First Hawaiian Bank acquired a new position in Parker-Hannifin during the third quarter worth about $125,000. Manchester Capital Management LLC raised its stake in Parker-Hannifin by 55.9% during the second quarter. Manchester Capital Management LLC now owns 976 shares of the industrial products company’s stock worth $152,000 after acquiring an additional 350 shares in the last quarter. Zions Bancorporation acquired a new position in Parker-Hannifin during the third quarter worth about $161,000. Finally, Signaturefd LLC raised its stake in Parker-Hannifin by 48.3% during the second quarter. Signaturefd LLC now owns 1,108 shares of the industrial products company’s stock worth $173,000 after acquiring an additional 361 shares in the last quarter. 78.23% of the stock is owned by institutional investors.

NYSE PH traded down $1.12 on Friday, reaching $163.35. The company had a trading volume of 2,166 shares, compared to its average volume of 1,602,705. The firm has a market capitalization of $21.77 billion, a P/E ratio of 15.66, a PEG ratio of 1.26 and a beta of 1.52. Parker-Hannifin Corp has a 52-week low of $143.00 and a 52-week high of $212.80. The company has a current ratio of 1.60, a quick ratio of 1.07 and a debt-to-equity ratio of 0.71.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, November 1st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.31. Parker-Hannifin had a return on equity of 25.49% and a net margin of 7.98%. The firm had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.54 billion. During the same period last year, the firm posted $2.24 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. As a group, sell-side analysts predict that Parker-Hannifin Corp will post 11.61 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 9th will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Thursday, November 8th. Parker-Hannifin’s dividend payout ratio is presently 29.17%.

Several analysts have recently weighed in on the company. Stifel Nicolaus boosted their price target on Parker-Hannifin from $200.00 to $212.00 and gave the stock a “buy” rating in a report on Monday, September 24th. Wells Fargo & Co upped their target price on Parker-Hannifin from $185.00 to $193.00 and gave the company a “market perform” rating in a report on Thursday, September 27th. Deutsche Bank upped their target price on Parker-Hannifin from $176.00 to $184.00 and gave the company a “hold” rating in a report on Friday, September 28th. Buckingham Research upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating in a report on Friday, September 14th. Finally, Barclays assumed coverage on Parker-Hannifin in a report on Thursday, September 6th. They set an “overweight” rating and a $200.00 price target on the stock. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $186.72.

In other news, VP Joseph R. Leonti sold 1,605 shares of the firm’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $176.56, for a total transaction of $283,378.80. Following the completion of the sale, the vice president now directly owns 15,731 shares of the company’s stock, valued at approximately $2,777,465.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP William R. Bowman sold 2,400 shares of the firm’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $175.36, for a total value of $420,864.00. Following the sale, the vice president now directly owns 1,325 shares of the company’s stock, valued at $232,352. The disclosure for this sale can be found here. Company insiders own 1.12% of the company’s stock.

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About Parker-Hannifin

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.

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

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