Amundi Purchases 166,962 Shares of Parker-Hannifin Corporation $PH

Key Points

• Amundi increased its Parker-Hannifin stake by 36.4% in the first quarter, acquiring 166,962 additional shares for a total of 625,059 shares valued at approximately $559.6 million. Institutional investors collectively own 82.44% of the company.
• Parker-Hannifin reported quarterly results above expectations, with EPS of $8.17 versus the $7.84 consensus and revenue of $5.49 billion, up 10.6% year over year.
• Analysts remain broadly positive, with 18 Buy ratings and four Holds; the stock has a “Moderate Buy” consensus and an average price target of $1,027.38, compared with an opening price of $951.84.

Amundi increased its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 36.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 625,059 shares of the industrial products company's stock after acquiring an additional 166,962 shares during the period. Amundi owned about 0.50% of Parker-Hannifin worth $559,578,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Texas Capital Bancshares Inc TX bought a new stake in Parker-Hannifin in the 3rd quarter worth about $25,000. HFM Investment Advisors LLC boosted its holdings in shares of Parker-Hannifin by 1,000.0% during the 4th quarter. HFM Investment Advisors LLC now owns 33 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 30 shares during the last quarter. Lloyd Advisory Services LLC. purchased a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $31,000. NFSG Corp grew its stake in shares of Parker-Hannifin by 94.4% in the first quarter. NFSG Corp now owns 35 shares of the industrial products company's stock worth $31,000 after acquiring an additional 17 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC grew its stake in shares of Parker-Hannifin by 80.0% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 36 shares of the industrial products company's stock worth $32,000 after acquiring an additional 16 shares during the period. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Stock Performance

PH opened at $951.84 on Thursday. The company's 50 day moving average is $929.50 and its 200 day moving average is $937.50. The company has a current ratio of 1.13, a quick ratio of 0.66 and a debt-to-equity ratio of 0.46. The company has a market cap of $120.02 billion, a price-to-earnings ratio of 35.11, a PEG ratio of 2.65 and a beta of 1.11. Parker-Hannifin Corporation has a 12-month low of $692.02 and a 12-month high of $1,034.96.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, April 30th. The industrial products company reported $8.17 EPS for the quarter, beating analysts' consensus estimates of $7.84 by $0.33. Parker-Hannifin had a net margin of 16.58% and a return on equity of 27.97%. The business had revenue of $5.49 billion during the quarter, compared to analysts' expectations of $5.40 billion. During the same period in the prior year, the company earned $6.94 earnings per share. The firm's revenue was up 10.6% on a year-over-year basis. On average, equities research analysts predict that Parker-Hannifin Corporation will post 31.26 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Truist Financial increased their price objective on shares of Parker-Hannifin from $1,147.00 to $1,269.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $1,037.00 target price on shares of Parker-Hannifin in a research report on Thursday, July 16th. Citigroup reiterated a "buy" rating on shares of Parker-Hannifin in a research note on Monday, June 8th. Weiss Ratings reissued a "buy (b)" rating on shares of Parker-Hannifin in a report on Friday, July 17th. Finally, Evercore set a $1,064.00 price target on Parker-Hannifin in a research note on Monday, May 11th. Eighteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $1,027.38.

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.

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