Bank of America Corp DE Invests $3.27 Billion in Parker-Hannifin Corporation $PH

Key Points

• Bank of America acquired 3.35 million Parker-Hannifin shares worth approximately $3.27 billion, giving it a 2.65% stake. Institutional investors collectively own 82.44% of the company.
• Parker-Hannifin reported stronger-than-expected quarterly results, with adjusted EPS of $9.27 versus the $8.31 consensus and revenue of $5.75 billion, up 9.8% year over year.
• Analyst sentiment remains positive, with 17 Buy ratings and two Holds and a consensus price target of $1,114.55, while the company pays a quarterly dividend of $2 per share.

Bank of America Corp DE bought a new position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 3,346,733 shares of the industrial products company's stock, valued at approximately $3,273,507,000. Bank of America Corp DE owned 2.65% of Parker-Hannifin at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PH. Magnolia Capital Advisors LLC grew its stake in shares of Parker-Hannifin by 138.0% in the 2nd quarter. Magnolia Capital Advisors LLC now owns 1,233 shares of the industrial products company's stock valued at $1,206,000 after buying an additional 715 shares during the period. Caisse de depot et placement du Quebec grew its position in Parker-Hannifin by 2,666.0% in the 2nd quarter. Caisse de depot et placement du Quebec now owns 153,761 shares of the industrial products company's stock worth $150,397,000 after purchasing an additional 148,202 shares in the last quarter. Man Group plc increased its position in shares of Parker-Hannifin by 67.3% during the second quarter. Man Group plc now owns 160,372 shares of the industrial products company's stock valued at $156,863,000 after acquiring an additional 64,507 shares during the last quarter. Western Wealth Management LLC raised its stake in shares of Parker-Hannifin by 2.0% during the 2nd quarter. Western Wealth Management LLC now owns 3,446 shares of the industrial products company's stock worth $3,371,000 after purchasing an additional 67 shares during the period. Finally, Jupiter Topco LLC bought a new stake in Parker-Hannifin in the second quarter worth about $30,493,000. 82.44% of the stock is owned by institutional investors.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Berend Bracht sold 602 shares of the company's stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $1,040.47, for a total value of $626,362.94. Following the sale, the vice president directly owned 4,399 shares of the company's stock, valued at $4,577,027.53. This represents a 12.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is owned by corporate insiders.

Parker-Hannifin Trading Down 2.2%

NYSE:PH opened at $929.13 on Tuesday. The firm has a market capitalization of $117.12 billion, a P/E ratio of 32.61, a P/E/G ratio of 2.96 and a beta of 1.13. The company has a quick ratio of 0.74, a current ratio of 1.26 and a debt-to-equity ratio of 0.44. The company has a fifty day moving average of $988.79 and a 200 day moving average of $946.40. Parker-Hannifin Corporation has a 52 week low of $715.37 and a 52 week high of $1,099.94.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The industrial products company reported $9.27 EPS for the quarter, beating analysts' consensus estimates of $8.31 by $0.96. The business had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.57 billion. Parker-Hannifin had a return on equity of 28.48% and a net margin of 16.97%.Parker-Hannifin's quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $7.69 EPS. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. On average, research analysts predict that Parker-Hannifin Corporation will post 34.95 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Monday, August 31st were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, August 31st. Parker-Hannifin's payout ratio is presently 28.08%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Truist Financial upped their price target on Parker-Hannifin from $1,269.00 to $1,358.00 and gave the company a "buy" rating in a research report on Friday, August 7th. BMO Capital Markets restated an "outperform" rating and set a $1,214.00 price target on shares of Parker-Hannifin in a research report on Friday, August 7th. UBS Group boosted their price objective on Parker-Hannifin from $1,092.00 to $1,250.00 and gave the stock a "buy" rating in a report on Friday, August 7th. BNP Paribas Exane reissued an "outperform" rating and issued a $1,220.00 target price (up from $1,090.00) on shares of Parker-Hannifin in a research note on Friday, August 7th. Finally, Susquehanna lifted their price target on shares of Parker-Hannifin from $1,100.00 to $1,250.00 and gave the stock a "positive" rating in a research note on Friday, August 7th. Seventeen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Parker-Hannifin presently has an average rating of "Moderate Buy" and a consensus target price of $1,114.55.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation NYSE: PH is a diversified manufacturer of motion and control technologies. The company develops and produces systems and components that manage the movement and flow of liquids, gases and other materials for industrial, mobile and aerospace applications.

Its products include hydraulic and pneumatic systems, fluid connectors, filtration and process-control equipment, electromechanical technologies, seals, thermal-management solutions and aerospace systems. Parker-Hannifin serves manufacturers and operators in markets such as factory automation, transportation, energy, construction, life sciences and aviation.

Founded in 1917, Parker-Hannifin is headquartered in Cleveland, Ohio, and serves customers through manufacturing, distribution and sales operations across North America, Europe, Asia and other international markets.

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