Parker-Hannifin Corporation (NYSE:PH) Shares Bought by Eastern Bank

Eastern Bank boosted its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 18.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 56,707 shares of the industrial products company's stock after acquiring an additional 8,707 shares during the quarter. Eastern Bank's holdings in Parker-Hannifin were worth $34,470,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC grew its stake in Parker-Hannifin by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company's stock valued at $1,699,580,000 after purchasing an additional 99,261 shares during the last quarter. Invesco Ltd. grew its stake in Parker-Hannifin by 8.6% during the 4th quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company's stock valued at $1,591,810,000 after purchasing an additional 198,292 shares during the last quarter. Royal Bank of Canada grew its stake in Parker-Hannifin by 99.8% during the 4th quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock valued at $1,448,241,000 after purchasing an additional 1,137,564 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in Parker-Hannifin by 9.3% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company's stock valued at $1,282,294,000 after purchasing an additional 172,064 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in Parker-Hannifin by 66,111.8% during the 1st quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock valued at $1,054,870,000 after purchasing an additional 1,732,791 shares during the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock traded down $20.40 during mid-day trading on Friday, reaching $711.50. 903,021 shares of the stock traded hands, compared to its average volume of 745,527. The business has a 50-day moving average of $691.28 and a 200 day moving average of $654.30. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $745.34. The stock has a market capitalization of $90.92 billion, a PE ratio of 27.40, a PEG ratio of 3.13 and a beta of 1.34. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating 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 analysts' expectations of $4.99 billion. During the same quarter last year, the firm earned $6.51 earnings per share. The business's revenue for the quarter was down 2.2% on a year-over-year basis. On average, analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Evercore ISI upped their target price on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. KeyCorp upped their target price on Parker-Hannifin from $735.00 to $790.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Barclays upped their target price on Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Morgan Stanley upped their target price 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. Finally, Stifel Nicolaus increased their price target on Parker-Hannifin from $709.00 to $717.00 and gave the stock a "hold" rating in a research report on Monday, July 21st. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.