HB Wealth Management LLC Purchases 3,961 Shares of Parker-Hannifin Corporation (NYSE:PH)

Key Points

• HB Wealth Management LLC increased its position in Parker-Hannifin Corporation by 79.8% in the 1st quarter, owning a total of 8,923 shares worth approximately $5.42 million.
• Several institutional investors, including Royal Bank of Canada, have significantly increased their stakes in Parker-Hannifin, with institutional ownership now at 82.44%.
• Parker-Hannifin recently reported earnings of $6.94 per share, exceeding expectations, while revenue was down 2.2% year-over-year at $4.96 billion.

HB Wealth Management LLC increased its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 79.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,923 shares of the industrial products company's stock after purchasing an additional 3,961 shares during the quarter. HB Wealth Management LLC's holdings in Parker-Hannifin were worth $5,424,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new position in Parker-Hannifin during the fourth quarter worth about $25,000. Mpwm Advisory Solutions LLC acquired a new stake in Parker-Hannifin during the 4th quarter worth approximately $32,000. Olde Wealth Management LLC acquired a new stake in Parker-Hannifin during the 1st quarter worth approximately $35,000. Chilton Capital Management LLC boosted its position in Parker-Hannifin by 1,500.0% during the 1st quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock worth $39,000 after buying an additional 60 shares during the period. Finally, Meeder Asset Management Inc. raised its holdings in Parker-Hannifin by 214.3% during the 4th 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 last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Parker-Hannifin Stock Performance

Shares of PH stock traded up $0.12 during trading hours on Wednesday, reaching $734.98. 236,790 shares of the company traded hands, compared to its average volume of 742,320. The firm has a 50-day moving average price of $688.36 and a 200 day moving average price of $653.11. 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 Corporation has a 12-month low of $488.45 and a 12-month high of $745.34. The company has a market cap of $93.92 billion, a P/E ratio of 28.29, a P/E/G ratio of 3.16 and a beta of 1.34.

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, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $4.99 billion. During the same period in the previous year, the firm earned $6.51 EPS. The firm's revenue was down 2.2% compared to the same quarter last year. As a group, sell-side analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, the vice president owned 2,083 shares of the company's stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.39% of the company's stock.

Analyst Ratings Changes

PH has been the subject of several research analyst reports. Argus set a $680.00 price objective on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Wells Fargo & Company boosted their price target on shares of Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Morgan Stanley upped their price objective on shares of Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research report on Friday, May 16th. Finally, Barclays increased their price objective on Parker-Hannifin from $700.00 to $750.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.