Navellier & Associates Inc. Invests $2.53 Million in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Navellier & Associates Inc. invested approximately $2.53 million in Parker-Hannifin Corporation, acquiring 4,106 shares in their new stake during the first quarter.
• Parker-Hannifin's stock is currently experiencing a steady rise, recently trading at $737.90, with a market capitalization of $94.29 billion.
• Analysts have set multiple price targets for Parker-Hannifin, with recent estimates ranging from $680.00 to $831.00, suggesting a strong future for the stock in the market.

Navellier & Associates Inc. bought a new stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,106 shares of the industrial products company's stock, valued at approximately $2,532,000.

Several other hedge funds have also made changes to their positions in PH. Brighton Jones LLC raised its position in Parker-Hannifin by 5.9% in the fourth quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company's stock worth $1,150,000 after purchasing an additional 101 shares in the last quarter. Bank Pictet & Cie Europe AG raised its position in Parker-Hannifin by 0.8% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 7,259 shares of the industrial products company's stock worth $4,617,000 after purchasing an additional 55 shares in the last quarter. Quantbot Technologies LP acquired a new position in Parker-Hannifin in the fourth quarter worth about $749,000. LPL Financial LLC raised its position in Parker-Hannifin by 14.7% in the fourth quarter. LPL Financial LLC now owns 118,867 shares of the industrial products company's stock worth $75,603,000 after purchasing an additional 15,243 shares in the last quarter. Finally, Zions Bancorporation N.A. raised its position in Parker-Hannifin by 202.9% in the fourth quarter. Zions Bancorporation N.A. now owns 103 shares of the industrial products company's stock worth $66,000 after purchasing an additional 69 shares in the last quarter. Institutional investors own 82.44% of the company's stock.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, the vice president directly owned 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.39% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. KeyCorp increased their price target on shares of Parker-Hannifin from $735.00 to $790.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Argus set a $680.00 price objective on shares of Parker-Hannifin in a report on Tuesday, May 6th. Wells Fargo & Company raised their price objective 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. Citigroup reaffirmed a "buy" rating and set a $831.00 price objective (up previously from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Finally, Truist Financial dropped their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and a consensus price target of $739.59.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock traded up $2.70 during midday trading on Monday, reaching $741.52. The company had a trading volume of 161,176 shares, compared to its average volume of 744,653. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $745.35. The company has a market capitalization of $94.75 billion, a price-to-earnings ratio of 28.56, a price-to-earnings-growth ratio of 3.15 and a beta of 1.34. 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 stock has a fifty day simple moving average of $686.08 and a 200 day simple moving average of $651.77.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data 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. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The firm had revenue of $4.96 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same period last year, the firm earned $6.51 earnings per share. The business's revenue for the quarter was down 2.2% on a year-over-year basis. As a group, equities research analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Company 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.