4,000 Shares in Parker-Hannifin Corporation (NYSE:PH) Bought by Advent Capital Management DE

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 position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 4,000 shares of the industrial products company's stock, valued at approximately $2,431,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cooper Financial Group grew its stake in Parker-Hannifin by 7.6% during the first quarter. Cooper Financial Group now owns 895 shares of the industrial products company's stock worth $544,000 after buying an additional 63 shares during the last quarter. Strengthening Families & Communities LLC lifted its holdings in Parker-Hannifin by 18.6% in the first quarter. Strengthening Families & Communities LLC now owns 204 shares of the industrial products company's stock valued at $124,000 after buying an additional 32 shares during the period. Fiduciary Family Office LLC acquired a new position in Parker-Hannifin in the first quarter valued at approximately $1,560,000. Frank Rimerman Advisors LLC increased its stake in Parker-Hannifin by 0.8% in the first quarter. Frank Rimerman Advisors LLC now owns 3,880 shares of the industrial products company's stock valued at $2,358,000 after purchasing an additional 30 shares in the last quarter. Finally, Townsquare Capital LLC increased its stake in Parker-Hannifin by 3.1% in the first quarter. Townsquare Capital LLC now owns 5,548 shares of the industrial products company's stock valued at $3,373,000 after purchasing an additional 169 shares in the last quarter. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded up $10.16 during midday trading on Wednesday, hitting $762.20. The stock had a trading volume of 616,607 shares, compared to its average volume of 755,924. The company's 50-day moving average price is $700.75 and its 200-day moving average price is $657.21. The company has a market capitalization of $97.39 billion, a P/E ratio of 28.10, a price-to-earnings-growth ratio of 3.03 and a beta of 1.37. The company has a quick ratio of 0.71, a current ratio of 1.19 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $763.99.

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

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Angela R. Ives sold 810 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $727.36, for a total value of $589,161.60. Following the completion of the transaction, the vice president directly owned 2,798 shares in the company, valued at approximately $2,035,153.28. This represents a 22.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Thomas C. Gentile sold 1,133 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $729.50, for a total transaction of $826,523.50. Following the completion of the transaction, the vice president owned 5,465 shares of the company's stock, valued at approximately $3,986,717.50. This trade represents a 17.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,414 shares of company stock worth $6,883,931 over the last 90 days. 0.39% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PH has been the subject of several research reports. Wells Fargo & Company increased their price objective on shares of Parker-Hannifin from $770.00 to $800.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Evercore ISI increased their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research note on Friday, May 16th. Barclays increased their price target on shares of Parker-Hannifin from $750.00 to $776.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Finally, Citigroup restated a "buy" rating and set a $831.00 target price (up previously from $709.00) on shares of Parker-Hannifin in a research note on Monday, July 14th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and a consensus price target of $763.00.

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.