iA Global Asset Management Inc. Buys 4,729 Shares of Parker-Hannifin Corporation (NYSE:PH)

Key Points

• iA Global Asset Management Inc. increased its stake in Parker-Hannifin Corporation by 31.5% in Q1, bringing its total holdings to nearly $12 million.
• Analysts have raised their price targets for Parker-Hannifin, with KeyCorp setting a new target of $790.00 and Mizuho setting theirs at $785.00, indicating strong optimistic projections for the stock.
• Parker-Hannifin's market capitalization stands at $91.86 billion, with a current stock price of $718.92, reflecting significant growth potential in the industrial products sector.

iA Global Asset Management Inc. grew its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 31.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,729 shares of the industrial products company's stock after purchasing an additional 4,729 shares during the quarter. iA Global Asset Management Inc.'s holdings in Parker-Hannifin were worth $11,992,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of PH. Aster Capital Management DIFC Ltd acquired a new stake in Parker-Hannifin in the 4th quarter worth about $25,000. Mpwm Advisory Solutions LLC purchased a new position in Parker-Hannifin during the fourth quarter worth approximately $32,000. Olde Wealth Management LLC purchased a new stake in shares of Parker-Hannifin during the 1st quarter valued at $35,000. Chilton Capital Management LLC raised its position in shares of Parker-Hannifin by 1,500.0% in 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, Accent Capital Management LLC purchased a new stake in Parker-Hannifin during the first quarter valued at about $41,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Stock Performance

Shares of PH traded up $28.67 on Thursday, reaching $725.80. 1,243,145 shares of the stock traded hands, compared to its average volume of 618,636. The stock's 50-day moving average price is $696.32 and its 200-day moving average price is $656.13. The firm has a market cap of $92.74 billion, a price-to-earnings ratio of 27.95, a P/E/G ratio of 2.98 and a beta of 1.37. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $745.34. 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 (NYSE:PH - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.08 by $0.61. The firm had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.10 billion. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The firm's quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the firm posted $6.77 EPS. Equities analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Analyst Ratings Changes

PH has been the topic of a number of analyst reports. Argus set a $680.00 price objective on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Morgan Stanley upped their price target on Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. Evercore ISI boosted their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Barclays increased their target price on shares of Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Finally, Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a research report on Friday, May 16th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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.