Hartford Funds Management Co LLC Purchases New Holdings in Parker-Hannifin Corporation (NYSE:PH)

Hartford Funds Management Co LLC purchased a new position in Parker-Hannifin Corporation (NYSE:PH - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,045 shares of the industrial products company's stock, valued at approximately $635,000.

A number of other institutional investors also recently made changes to their positions in the stock. Ignite Planners LLC increased its stake in Parker-Hannifin by 17.7% in the first quarter. Ignite Planners LLC now owns 493 shares of the industrial products company's stock valued at $301,000 after purchasing an additional 74 shares during the last quarter. HighPoint Advisor Group LLC increased its stake in Parker-Hannifin by 1.7% in the first quarter. HighPoint Advisor Group LLC now owns 5,817 shares of the industrial products company's stock valued at $3,506,000 after purchasing an additional 95 shares during the last quarter. Crestwood Advisors Group LLC increased its stake in Parker-Hannifin by 11.7% in the first quarter. Crestwood Advisors Group LLC now owns 2,347 shares of the industrial products company's stock valued at $1,427,000 after purchasing an additional 245 shares during the last quarter. Bingham Private Wealth LLC increased its stake in Parker-Hannifin by 13.7% in the first quarter. Bingham Private Wealth LLC now owns 457 shares of the industrial products company's stock valued at $278,000 after purchasing an additional 55 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its stake in Parker-Hannifin by 5.0% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 94,056 shares of the industrial products company's stock valued at $57,172,000 after purchasing an additional 4,518 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Up 0.4%

Shares of NYSE PH traded up $2.89 on Thursday, hitting $731.06. The company had a trading volume of 400,821 shares, compared to its average volume of 748,865. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $734.49. The business has a 50 day moving average of $683.78 and a two-hundred day moving average of $650.29. 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 firm has a market capitalization of $93.41 billion, a P/E ratio of 28.16, a PEG ratio of 3.10 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share 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 company had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the business earned $6.51 earnings per share. The company's revenue was down 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the sale, the vice president owned 2,083 shares of the company's stock, valued at $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PH shares. Wells Fargo & Company upped their target price on Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Argus set a $680.00 target price on Parker-Hannifin in a research note on Tuesday, May 6th. Wolfe Research lowered Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Citigroup reissued a "buy" rating and set a $831.00 price target (up previously from $709.00) on shares of Parker-Hannifin in a research report on Monday, July 14th. Finally, Truist Financial lowered their price target on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $739.59.

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.