Journey Strategic Wealth LLC Buys Shares of 415 Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Journey Strategic Wealth LLC acquired a new stake in Parker-Hannifin Corporation, purchasing 415 shares valued at approximately $252,000.
• Several institutional investors have increased their holdings in Parker-Hannifin, with 82.44% of the stock currently owned by such investors.
• Analysts are optimistic about Parker-Hannifin's outlook, raising their price target to an average of $739.59 and rating the stock a consensus "Moderate Buy."

Journey Strategic Wealth LLC purchased a new stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 415 shares of the industrial products company's stock, valued at approximately $252,000.

Other hedge funds have also added to or reduced their stakes in the company. Advisor OS LLC raised its holdings in Parker-Hannifin by 10.1% during the 1st quarter. Advisor OS LLC now owns 951 shares of the industrial products company's stock worth $578,000 after purchasing an additional 87 shares during the last quarter. Kovack Advisors Inc. raised its holdings in Parker-Hannifin by 1.9% during the 1st quarter. Kovack Advisors Inc. now owns 1,036 shares of the industrial products company's stock worth $630,000 after purchasing an additional 19 shares during the last quarter. Argonautica Private Wealth Management Inc. raised its holdings in Parker-Hannifin by 0.4% during the 1st quarter. Argonautica Private Wealth Management Inc. now owns 4,095 shares of the industrial products company's stock worth $2,489,000 after purchasing an additional 18 shares during the last quarter. Carnegie Investment Counsel raised its holdings in Parker-Hannifin by 45.4% during the 1st quarter. Carnegie Investment Counsel now owns 6,420 shares of the industrial products company's stock worth $3,902,000 after purchasing an additional 2,004 shares during the last quarter. Finally, Mendel Money Management raised its holdings in Parker-Hannifin by 1.5% during the 1st quarter. Mendel Money Management now owns 1,926 shares of the industrial products company's stock worth $1,171,000 after purchasing an additional 29 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Trading Down 0.0%

PH stock traded down $0.14 during midday trading on Monday, hitting $738.68. 241,144 shares of the company's stock were exchanged, compared to its average volume of 745,195. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $745.35. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The business has a 50-day simple moving average of $686.08 and a two-hundred day simple moving average of $651.77. The stock has a market capitalization of $94.39 billion, a PE ratio of 28.44, a P/E/G ratio of 3.15 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. The firm had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The business's revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $6.51 EPS. On average, sell-side analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Citigroup reiterated a "buy" rating and issued a $831.00 price objective (up previously from $709.00) on shares of Parker-Hannifin in a research note on Monday, July 14th. Wolfe Research cut Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a research report on Friday, May 16th. Truist Financial cut their target price on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Finally, Argus set a $680.00 price objective on Parker-Hannifin in a report on Tuesday, May 6th. Five equities 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.

Insider Buying and Selling

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.39% of the company's stock.

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.