Abacus Wealth Partners LLC Buys Shares of 627 Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Abacus Wealth Partners LLC has made a new investment of approximately $381,000 in Parker-Hannifin Corporation, acquiring 627 shares in the first quarter as reported in their latest SEC filing.
• Parker-Hannifin's stock is currently valued at $731.89, having experienced a 0.4% decline recently, with a market cap of $93.52 billion.
• Despite posting EPS of $6.94 which exceeded expectations, Parker-Hannifin's revenue fell by 2.2% compared to the same quarter last year.

Abacus Wealth Partners LLC acquired a new position in Parker-Hannifin Corporation (NYSE:PH - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 627 shares of the industrial products company's stock, valued at approximately $381,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PH. Aster Capital Management DIFC Ltd purchased a new position in Parker-Hannifin during the fourth quarter valued at $25,000. Mpwm Advisory Solutions LLC bought a new position in Parker-Hannifin during the fourth quarter valued at $32,000. Olde Wealth Management LLC bought a new position in Parker-Hannifin during the first quarter valued at $35,000. Chilton Capital Management LLC lifted its position in Parker-Hannifin by 1,500.0% during the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its position in Parker-Hannifin by 214.3% during the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 45 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Trading Down 2.8%

PH stock traded down $20.40 during trading on Friday, hitting $711.50. The company had a trading volume of 903,021 shares, compared to its average volume of 478,697. The firm has a market capitalization of $90.92 billion, a P/E ratio of 27.40, a PEG ratio of 3.12 and a beta of 1.37. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $745.34. The company has a 50 day simple moving average of $692.39 and a 200-day simple moving average of $654.75. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping the consensus estimate of $6.72 by $0.22. The company had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The firm's revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $6.51 EPS. As a group, research analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Analyst Ratings Changes

PH has been the subject of several research reports. Evercore ISI increased their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a research report on Friday, May 16th. Barclays increased their price objective on shares of Parker-Hannifin from $700.00 to $750.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Wolfe Research lowered shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Finally, KeyCorp raised their target price on shares of Parker-Hannifin from $735.00 to $790.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and an average price target of $739.59.

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 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.