Geneos Wealth Management Inc. Grows Stock Position in Parker-Hannifin Corporation (NYSE:PH)

Geneos Wealth Management Inc. increased its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 86.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,393 shares of the industrial products company's stock after purchasing an additional 1,578 shares during the period. Geneos Wealth Management Inc.'s holdings in Parker-Hannifin were worth $2,062,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in PH. Brighton Jones LLC grew its stake in Parker-Hannifin by 5.9% during the fourth quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company's stock worth $1,150,000 after purchasing an additional 101 shares during the period. Bank Pictet & Cie Europe AG grew its stake in Parker-Hannifin by 0.8% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 7,259 shares of the industrial products company's stock worth $4,617,000 after purchasing an additional 55 shares during the period. Meeder Asset Management Inc. grew its stake in Parker-Hannifin by 214.3% during the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock worth $42,000 after purchasing an additional 45 shares during the period. Geode Capital Management LLC boosted its holdings in Parker-Hannifin by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company's stock worth $1,699,580,000 after acquiring an additional 99,261 shares in the last quarter. Finally, RFG Bristol Wealth Advisors LLC acquired a new stake in Parker-Hannifin in the fourth quarter valued at approximately $212,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PH. Wells Fargo & Company increased their target price on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Barclays increased their target price on Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Truist Financial cut their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. KeyCorp increased their target price on Parker-Hannifin from $735.00 to $790.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Finally, Morgan Stanley increased their target price 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 issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $739.59.

Parker-Hannifin Stock Performance

Parker-Hannifin stock traded down $20.40 during mid-day trading on Friday, reaching $711.50. 903,021 shares of the company's stock were exchanged, compared to its average volume of 478,697. The business's fifty day simple moving average is $691.28 and its 200 day simple moving average is $654.30. The firm has a market capitalization of $90.92 billion, a PE ratio of 27.40, a P/E/G ratio of 3.12 and a beta of 1.37. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $745.34. 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 issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping analysts' consensus estimates of $6.72 by $0.22. The business had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. Parker-Hannifin's quarterly revenue was down 2.2% compared to the same quarter last year. During the same period last year, the company posted $6.51 earnings per share. On average, sell-side analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin 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.