LPL Financial LLC Purchases 14,271 Shares of Parker-Hannifin Corporation (NYSE:PH)

Key Points

• LPL Financial LLC has increased its holdings in Parker-Hannifin by 12% during the first quarter, acquiring an additional 14,271 shares, bringing its total ownership to approximately 133,138 shares valued at $80.9 million.
• Institutional investors now own 82.44% of Parker-Hannifin's stock, with several firms adjusting their positions during the last four quarters.
• Despite a recent downgrade from Wolfe Research, Parker-Hannifin maintains a consensus rating of "Moderate Buy" with a target price of around $739.59, as reported by analysts.

LPL Financial LLC grew its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 12.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 133,138 shares of the industrial products company's stock after purchasing an additional 14,271 shares during the quarter. LPL Financial LLC owned approximately 0.10% of Parker-Hannifin worth $80,928,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd bought a new stake in Parker-Hannifin in the fourth quarter valued at $25,000. Mpwm Advisory Solutions LLC purchased a new stake in shares of Parker-Hannifin in the 4th quarter worth about $32,000. Olde Wealth Management LLC bought a new stake in shares of Parker-Hannifin during the 1st quarter valued at about $35,000. Chilton Capital Management LLC increased its position in shares of Parker-Hannifin by 1,500.0% during the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock valued at $39,000 after buying an additional 60 shares during the period. Finally, Meeder Asset Management Inc. increased its position in shares of Parker-Hannifin by 214.3% during the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock valued at $42,000 after buying an additional 45 shares during the period. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Stock Down 2.8%

Shares of PH stock traded down $20.40 during mid-day trading on Friday, hitting $711.50. The company's stock had a trading volume of 903,021 shares, compared to its average volume of 478,697. The stock has a market cap of $90.92 billion, a price-to-earnings ratio of 27.40, a PEG 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 Corporation has a 52-week low of $488.45 and a 52-week high of $745.34. The business has a 50-day moving average price of $691.28 and a 200 day moving average price of $654.30.

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

Wall Street Analyst Weigh In

PH has been the topic of several research reports. Argus set a $680.00 price objective on Parker-Hannifin in a research report on Tuesday, May 6th. KeyCorp lifted their price target on Parker-Hannifin from $735.00 to $790.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Evercore ISI increased their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Morgan Stanley boosted their target price 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. Finally, Wells Fargo & Company increased their price target on shares of Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target 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.