Parker-Hannifin Corporation (NYSE:PH) Shares Bought by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel increased its stake in Parker-Hannifin Corporation by 45.4% during Q1, owning 6,420 shares valued at approximately $3.9 million.
• Several institutional investors have also invested in Parker-Hannifin, resulting in 82.44% of the stock currently held by these entities.
• Equities analysts have generally given Parker-Hannifin favorable ratings, with five analysts rating it a hold and thirteen rating it a buy, alongside a consensus target price of $739.59.

Carnegie Investment Counsel raised its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 45.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,420 shares of the industrial products company's stock after purchasing an additional 2,004 shares during the period. Carnegie Investment Counsel's holdings in Parker-Hannifin were worth $3,902,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $25,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $32,000. Olde Wealth Management LLC acquired a new stake in shares of Parker-Hannifin during the 1st quarter worth about $35,000. Chilton Capital Management LLC raised its position in shares of Parker-Hannifin by 1,500.0% during the 1st quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock worth $39,000 after acquiring an additional 60 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its position in shares of Parker-Hannifin by 214.3% during the 4th quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock worth $42,000 after acquiring an additional 45 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Insider Transactions at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the transaction, the vice president directly owned 2,083 shares of the company's stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.39% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PH. Evercore ISI raised their price target on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Morgan Stanley raised their price target on Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Wells Fargo & Company raised their price target on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Barclays raised their price target on Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Finally, Citigroup restated a "buy" rating and set a $831.00 price target (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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $739.59.

Parker-Hannifin Price Performance

Shares of PH traded up $2.57 during mid-day trading on Monday, hitting $741.39. The company's stock had a trading volume of 148,459 shares, compared to its average volume of 744,458. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The firm has a 50-day simple moving average of $686.08 and a 200 day simple moving average of $651.77. The firm has a market capitalization of $94.73 billion, a P/E ratio of 28.57, a P/E/G ratio of 3.15 and a beta of 1.34. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $745.35.

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