Advent Capital Management DE Makes New $2.43 Million Investment in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Advent Capital Management DE acquired a new stake in Parker-Hannifin Corporation, purchasing 4,000 shares valued at approximately $2.43 million in the first quarter.
• In addition to Advent, other institutional investors have also increased their stakes, contributing to a total ownership of 82.44% of the company's stock.
• Parker-Hannifin reported $7.69 earnings per share for the last quarter, exceeding the consensus estimate by $0.61, with a revenue of $5.24 billion.

Advent Capital Management DE acquired a new stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 4,000 shares of the industrial products company's stock, valued at approximately $2,431,000.

Other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC lifted its stake in Parker-Hannifin by 5.9% in the 4th quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company's stock valued at $1,150,000 after purchasing an additional 101 shares during the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of Parker-Hannifin by 0.8% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 7,259 shares of the industrial products company's stock worth $4,617,000 after buying an additional 55 shares during the period. CenterBook Partners LP acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth $1,065,000. F M Investments LLC boosted its stake in Parker-Hannifin by 14.0% during the fourth quarter. F M Investments LLC now owns 1,494 shares of the industrial products company's stock worth $950,000 after acquiring an additional 184 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC boosted its stake in Parker-Hannifin by 13.8% during the fourth quarter. Jaffetilchin Investment Partners LLC now owns 1,226 shares of the industrial products company's stock worth $780,000 after acquiring an additional 149 shares in the last quarter. Institutional investors own 82.44% of the company's stock.

Insider Transactions at Parker-Hannifin

In related news, VP Matthew A. Jacobson sold 575 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $733.06, for a total transaction of $421,509.50. Following the sale, the vice president directly owned 1,000 shares of the company's stock, valued at approximately $733,060. This represents a 36.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Robert W. Malone sold 2,257 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $730.66, for a total transaction of $1,649,099.62. Following the transaction, the vice president owned 5,866 shares in the company, valued at $4,286,051.56. This represents a 27.79% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,414 shares of company stock worth $6,883,931. 0.39% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PH has been the topic of a number of recent research reports. Argus set a $680.00 price objective on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Evercore ISI lifted their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Morgan Stanley lifted their price objective on shares of Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Citigroup reiterated a "buy" rating and issued a $831.00 target price (up previously from $709.00) on shares of Parker-Hannifin in a research note on Monday, July 14th. Finally, Wells Fargo & Company boosted their price objective on shares of Parker-Hannifin from $770.00 to $800.00 and gave the company an "overweight" rating in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Parker-Hannifin currently has a consensus rating of "Moderate Buy" and a consensus price target of $763.00.

Parker-Hannifin Trading Up 3.0%

Shares of PH traded up $21.60 during mid-day trading on Tuesday, reaching $752.26. The company's stock had a trading volume of 604,698 shares, compared to its average volume of 700,813. The company's fifty day moving average price is $700.75 and its two-hundred day moving average price is $657.21. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $752.87. The company has a current ratio of 1.19, a quick ratio of 0.71 and a debt-to-equity ratio of 0.55. The stock has a market cap of $96.12 billion, a PE ratio of 27.74, a P/E/G ratio of 3.03 and a beta of 1.37.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The industrial products company reported $7.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.08 by $0.61. The business had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.10 billion. Parker-Hannifin had a net margin of 17.79% and a return on equity of 26.80%. The company's quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $6.77 EPS. On average, analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

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.