Convergence Investment Partners LLC Acquires 1,419 Shares of Parker-Hannifin Corporation (NYSE:PH)

Convergence Investment Partners LLC lifted its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 358.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,815 shares of the industrial products company's stock after buying an additional 1,419 shares during the quarter. Convergence Investment Partners LLC's holdings in Parker-Hannifin were worth $1,103,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. KLP Kapitalforvaltning AS boosted its position in Parker-Hannifin by 1.6% during the first quarter. KLP Kapitalforvaltning AS now owns 43,993 shares of the industrial products company's stock worth $26,741,000 after purchasing an additional 700 shares during the period. Hartford Funds Management Co LLC bought a new stake in Parker-Hannifin during the first quarter worth approximately $635,000. Ignite Planners LLC boosted its position in Parker-Hannifin by 17.7% during the first quarter. Ignite Planners LLC now owns 493 shares of the industrial products company's stock worth $301,000 after purchasing an additional 74 shares during the period. HighPoint Advisor Group LLC boosted its position in Parker-Hannifin by 1.7% during the first quarter. HighPoint Advisor Group LLC now owns 5,817 shares of the industrial products company's stock worth $3,506,000 after purchasing an additional 95 shares during the period. Finally, Crestwood Advisors Group LLC boosted its position in Parker-Hannifin by 11.7% during the first quarter. Crestwood Advisors Group LLC now owns 2,347 shares of the industrial products company's stock worth $1,427,000 after purchasing an additional 245 shares during the period. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Price Performance

Parker-Hannifin stock traded up $8.28 during mid-day trading on Friday, hitting $737.90. 499,828 shares of the company were exchanged, compared to its average volume of 517,332. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The business has a fifty day moving average of $686.08 and a 200 day moving average of $651.70. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $740.83. The company has a market capitalization of $94.29 billion, a PE ratio of 28.41, a price-to-earnings-growth ratio of 3.15 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last released 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. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The firm had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same period in the prior year, the company posted $6.51 earnings per share. The business's revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, sell-side analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PH has been the subject of a number of recent analyst reports. Wolfe Research cut Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Argus set a $680.00 target price on Parker-Hannifin in a research report on Tuesday, May 6th. Wells Fargo & Company upped their price target on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Mizuho set a $785.00 price target on Parker-Hannifin in a report on Friday, May 16th. Finally, Morgan Stanley upped their price target on Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of "Moderate Buy" and an average target price of $739.59.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the transaction, the vice president directly owned 2,083 shares in the company, valued at $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.39% of the stock is owned by corporate insiders.

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.