Nuveen LLC Invests $933.09 Million in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Nuveen LLC acquired a new stake in Parker-Hannifin Corporation, purchasing 1,535,065 shares valued at approximately $933 million, representing 1.20% of the company.
• Equities research analysts have set new price targets for Parker-Hannifin, with estimates ranging from $680.00 to $810.00, indicating a consensus average target of $763.00.
• Parker-Hannifin reported a quarterly profit of $7.69 EPS, exceeding expectations and showing a year-over-year revenue growth of 1.1%.

Nuveen LLC purchased a new position in Parker-Hannifin Corporation (NYSE:PH - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,535,065 shares of the industrial products company's stock, valued at approximately $933,089,000. Nuveen LLC owned approximately 1.20% of Parker-Hannifin as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Mpwm Advisory Solutions LLC acquired a new position in Parker-Hannifin during the 4th quarter valued at approximately $32,000. Olde Wealth Management LLC purchased a new position in shares of Parker-Hannifin in the first quarter worth about $35,000. Chilton Capital Management LLC raised its stake in 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 worth $39,000 after purchasing an additional 60 shares during the period. Accent Capital Management LLC purchased a new stake in shares of Parker-Hannifin in the 1st quarter valued at approximately $41,000. Finally, Sierra Ocean LLC raised its stake in shares of Parker-Hannifin by 89.5% in the 1st quarter. Sierra Ocean LLC now owns 72 shares of the industrial products company's stock valued at $44,000 after acquiring an additional 34 shares during the period. Hedge funds and other institutional investors own 82.44% of the company's stock.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock traded up $10.16 during trading hours on Wednesday, reaching $762.20. The company had a trading volume of 616,607 shares, compared to its average volume of 755,924. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.19 and a quick ratio of 0.71. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $763.99. The firm has a market cap of $97.39 billion, a PE ratio of 28.10, a price-to-earnings-growth ratio of 3.03 and a beta of 1.37. The business has a fifty day simple moving average of $700.75 and a 200 day simple moving average of $657.21.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The industrial products company reported $7.69 EPS for the quarter, topping the consensus estimate of $7.08 by $0.61. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.10 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.79%. The company's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.77 earnings per share. On average, analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Robert W. Malone sold 2,257 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $730.66, for a total transaction of $1,649,099.62. Following the completion of the transaction, the vice president owned 5,866 shares of the company's stock, valued at $4,286,051.56. This represents a 27.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Andrew D. Ross sold 4,361 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $732.66, for a total transaction of $3,195,130.26. Following the completion of the transaction, the chief operating officer directly owned 13,120 shares of the company's stock, valued at approximately $9,612,499.20. The trade was a 24.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,414 shares of company stock worth $6,883,931 over the last three months. 0.39% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PH. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a research report on Friday, May 16th. Argus set a $680.00 price target on shares of Parker-Hannifin in a research note on Tuesday, May 6th. KeyCorp upped their price target on shares of Parker-Hannifin from $790.00 to $810.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Raymond James Financial set a $845.00 price objective on shares of Parker-Hannifin and gave the company an "outperform" rating in a research note on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Parker-Hannifin in a report on Friday, August 8th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $763.00.

Parker-Hannifin 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.