King Wealth Management Group Buys 486 Shares of Parker-Hannifin Corporation (NYSE:PH)

Key Points

• King Wealth Management Group increased its stake in Parker-Hannifin Corporation by 3.5%, acquiring an additional 486 shares during the 1st quarter, bringing its total holding to 14,510 shares valued at approximately $8.82 million.
• Institutional investors currently own 82.44% of Parker-Hannifin's stock, with notable increases in stakes from multiple firms, including a staggering 66,111.8% increase from GAMMA Investing LLC.
• Parker-Hannifin has a consensus rating of "Moderate Buy" among analysts, with a projected price target ranging from $680.00 to $785.00.

King Wealth Management Group boosted its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 3.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,510 shares of the industrial products company's stock after acquiring an additional 486 shares during the period. Parker-Hannifin makes up approximately 1.3% of King Wealth Management Group's holdings, making the stock its 22nd largest holding. King Wealth Management Group's holdings in Parker-Hannifin were worth $8,820,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $25,000. Mpwm Advisory Solutions LLC acquired a new position in Parker-Hannifin during the 4th quarter worth $32,000. Olde Wealth Management LLC acquired a new position in Parker-Hannifin during the 1st quarter worth $35,000. Chilton Capital Management LLC lifted its holdings 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 in the last quarter. Finally, Meeder Asset Management Inc. lifted 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 buying an additional 45 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Stifel Nicolaus increased their price target on Parker-Hannifin from $709.00 to $717.00 and gave the company a "hold" rating in a research note on Monday, July 21st. Barclays increased their price objective on shares of Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Morgan Stanley increased their price objective on shares of Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Evercore ISI upped their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Finally, Argus set a $680.00 price objective on shares of Parker-Hannifin in a research report on Tuesday, May 6th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $739.59.

Parker-Hannifin Stock Down 2.8%

Shares of NYSE PH traded down $20.40 during trading on Friday, hitting $711.50. 903,021 shares of the company traded hands, compared to its average volume of 478,697. The business's fifty day moving average is $692.39 and its 200 day moving average is $654.75. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $745.34. The firm has a market capitalization of $90.92 billion, a price-to-earnings ratio of 27.40, a P/E/G ratio of 3.12 and a beta of 1.37. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21.

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

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.