Parker-Hannifin Corporation (NYSE:PH) Shares Bought by Citigroup Inc.

Key Points

• Citigroup Inc. raised its holdings in Parker-Hannifin Corporation by 182.9% during the first quarter, owning approximately 0.18% of the company, worth $139.1 million.
• Parker-Hannifin's recent quarterly earnings report showed $7.69 earnings per share, exceeding analysts' expectations, with revenue of $5.24 billion, reflecting a 1.1% year-over-year increase.
• Analysts have positively adjusted their target prices for Parker-Hannifin, with Citigroup raising its target from $709.00 to $831.00 and multiple firms rating the stock as a buy.

Citigroup Inc. lifted its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 182.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 228,836 shares of the industrial products company's stock after purchasing an additional 147,950 shares during the period. Citigroup Inc. owned approximately 0.18% of Parker-Hannifin worth $139,098,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Parker-Hannifin by 1.6% during the first quarter. Vanguard Group Inc. now owns 11,023,764 shares of the industrial products company's stock worth $6,700,795,000 after acquiring an additional 168,990 shares during the last quarter. Royal Bank of Canada raised its position in Parker-Hannifin by 99.8% during the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock worth $1,448,241,000 after acquiring an additional 1,137,564 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of Parker-Hannifin by 9.3% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company's stock worth $1,282,294,000 after buying an additional 172,064 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Parker-Hannifin by 66,111.8% during the first quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock worth $1,054,870,000 after buying an additional 1,732,791 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Parker-Hannifin by 17.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,600,842 shares of the industrial products company's stock worth $1,018,185,000 after buying an additional 237,634 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PH. Wells Fargo & Company lifted their price target on shares of Parker-Hannifin from $770.00 to $800.00 and gave the stock an "overweight" rating in a report on Friday. Stifel Nicolaus lifted their price target on shares of Parker-Hannifin from $717.00 to $726.00 and gave the stock a "hold" rating in a report on Friday. Evercore ISI lifted their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Citigroup restated a "buy" rating and issued a $831.00 target price (up from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Finally, Mizuho set a $785.00 target price on shares of Parker-Hannifin in a report on Friday, May 16th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $763.00.

Insider Buying and Selling at Parker-Hannifin

In related news, COO Andrew D. Ross sold 4,361 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $732.66, for a total value of $3,195,130.26. Following the sale, the chief operating officer directly owned 13,120 shares of the company's stock, valued at $9,612,499.20. This represents a 24.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Thomas C. Gentile sold 1,133 shares of the company's stock in a transaction 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 sale, the vice president directly owned 5,465 shares in the company, valued at $3,986,717.50. This represents a 17.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,414 shares of company stock valued at $6,883,931. 0.39% of the stock is owned by company insiders.

Parker-Hannifin Trading Up 3.0%

PH traded up $21.60 during trading on Tuesday, hitting $752.26. 604,698 shares of the company's stock were exchanged, compared to its average volume of 756,939. The company has a current ratio of 1.19, a quick ratio of 0.71 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $752.87. The stock has a 50 day moving average price of $699.00 and a 200 day moving average price of $656.55. The firm has a market cap of $96.12 billion, a P/E ratio of 27.74, a price-to-earnings-growth ratio of 3.11 and a beta of 1.37.

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

About Parker-Hannifin

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.