Costello Asset Management INC Has $1.74 Million Position in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Costello Asset Management INC has reduced its stake in Parker-Hannifin Corporation by 45.5%, now holding 2,857 shares valued at approximately $1.74 million.
• Parker-Hannifin's stock is currently priced at $718.92, with a market capitalization of $91.86 billion and a PE ratio of 27.68.
• Analysts have a consensus rating of "Moderate Buy" for Parker-Hannifin, with an average target price of $739.59.

Costello Asset Management INC trimmed its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 45.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,857 shares of the industrial products company's stock after selling 2,381 shares during the quarter. Costello Asset Management INC's holdings in Parker-Hannifin were worth $1,737,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Aster Capital Management DIFC Ltd acquired a new stake in Parker-Hannifin in the fourth quarter valued at $25,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Parker-Hannifin during the 4th quarter valued at $32,000. Olde Wealth Management LLC acquired a new stake in Parker-Hannifin in the first quarter valued at approximately $35,000. Chilton Capital Management LLC boosted its holdings in Parker-Hannifin by 1,500.0% in the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 60 shares during the last quarter. Finally, Accent Capital Management LLC acquired a new stake in shares of Parker-Hannifin in the 1st quarter valued at about $41,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

Shares of NYSE PH traded up $28.67 on Thursday, hitting $725.80. The company's stock had a trading volume of 1,243,145 shares, compared to its average volume of 618,636. The company has a market capitalization of $92.74 billion, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 2.98 and a beta of 1.37. The stock has a 50 day moving average of $696.32 and a 200-day moving average of $656.13. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $745.34. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.08 by $0.61. The business had revenue of $5.24 billion for the quarter, compared to analysts' expectations of $5.10 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company's quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $6.77 EPS. As a group, research analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PH shares. Citigroup restated a "buy" rating and issued a $831.00 price objective (up previously from $709.00) on shares of Parker-Hannifin in a research note on Monday, July 14th. Evercore ISI lifted their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a research note on Friday, May 16th. KeyCorp boosted their price objective on Parker-Hannifin from $735.00 to $790.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Finally, Argus set a $680.00 target price on Parker-Hannifin in a report on Tuesday, May 6th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Parker-Hannifin has a consensus rating of "Moderate Buy" and an average target price of $739.59.

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.