Glenmede Trust Co. NA Has $108.10 Million Stake in Parker-Hannifin Corporation $PH

Key Points

• Glenmede Trust reduced its Parker-Hannifin stake by 1.4% in the first quarter, selling 1,757 shares and retaining 120,753 shares valued at approximately $108.1 million. Institutional investors and hedge funds collectively own 82.44% of the company.
• Parker-Hannifin reported quarterly earnings of $8.17 per share, beating estimates of $7.84, while revenue rose 10.6% year over year to $5.49 billion.
• Analysts maintain a favorable outlook, with 18 Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $1,027.38 versus the stock’s reported $978.14 price.

Glenmede Trust Co. NA reduced its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 120,753 shares of the industrial products company's stock after selling 1,757 shares during the quarter. Glenmede Trust Co. NA owned about 0.10% of Parker-Hannifin worth $108,103,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PH. Fideuram Asset Management Ireland dac bought a new stake in Parker-Hannifin during the fourth quarter worth $1,253,000. Truist Financial Corp increased its stake in shares of Parker-Hannifin by 2.7% in the 4th quarter. Truist Financial Corp now owns 174,852 shares of the industrial products company's stock valued at $153,687,000 after purchasing an additional 4,673 shares during the last quarter. Y.D. More Investments Ltd acquired a new position in shares of Parker-Hannifin during the 4th quarter worth $3,800,000. BCS Wealth Management raised its holdings in shares of Parker-Hannifin by 83.3% during the 4th quarter. BCS Wealth Management now owns 3,120 shares of the industrial products company's stock worth $2,742,000 after buying an additional 1,418 shares in the last quarter. Finally, Shepherd Street Advisors LLC bought a new stake in shares of Parker-Hannifin during the 4th quarter worth $1,736,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

Parker-Hannifin stock opened at $978.14 on Friday. The stock has a 50-day moving average price of $933.72 and a two-hundred day moving average price of $938.08. Parker-Hannifin Corporation has a 12 month low of $692.02 and a 12 month high of $1,034.96. The company has a market capitalization of $123.33 billion, a PE ratio of 36.08, a P/E/G ratio of 2.57 and a beta of 1.11. The company has a current ratio of 1.13, a quick ratio of 0.66 and a debt-to-equity ratio of 0.46.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The industrial products company reported $8.17 earnings per share for the quarter, topping the consensus estimate of $7.84 by $0.33. Parker-Hannifin had a return on equity of 27.97% and a net margin of 16.58%.The company had revenue of $5.49 billion for the quarter, compared to analysts' expectations of $5.40 billion. During the same period in the previous year, the business posted $6.94 earnings per share. The business's quarterly revenue was up 10.6% compared to the same quarter last year. Analysts expect that Parker-Hannifin Corporation will post 31.26 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $1,037.00 price objective on shares of Parker-Hannifin in a research note on Thursday, July 16th. Wall Street Zen downgraded Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Saturday, June 6th. JPMorgan Chase & Co. dropped their target price on shares of Parker-Hannifin from $1,100.00 to $1,060.00 and set an "overweight" rating for the company in a report on Thursday, May 7th. Truist Financial raised their price target on shares of Parker-Hannifin from $1,147.00 to $1,269.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Finally, Wells Fargo & Company decreased their price target on shares of Parker-Hannifin from $980.00 to $950.00 and set an "overweight" rating on the stock in a report on Tuesday, May 26th. Eighteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $1,027.38.

Parker-Hannifin Profile

Parker-Hannifin Corporation NYSE: PH is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin's product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.

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