OVERSEA CHINESE BANKING Corp Ltd Invests $247,000 in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Parker-Hannifin Corporation, purchasing 406 shares valued at approximately $247,000 in the first quarter.
• Institutional investors now own 82.44% of Parker-Hannifin's stock, indicating strong investor confidence in the company.
• Wells Fargo raised their price target for Parker-Hannifin from $670 to $770, reflecting an "overweight" rating and aligning with the general positive outlook among analysts.

OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 406 shares of the industrial products company's stock, valued at approximately $247,000.

A number of other institutional investors also recently added to or reduced their stakes in PH. GAMMA Investing LLC boosted its position in Parker-Hannifin by 66,111.8% during the 1st quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock worth $1,054,870,000 after acquiring an additional 1,732,791 shares during the period. Royal Bank of Canada boosted its position in shares of Parker-Hannifin by 99.8% in the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock valued at $1,448,241,000 after acquiring an additional 1,137,564 shares during the period. Capital World Investors bought a new position in Parker-Hannifin during the fourth quarter valued at about $418,174,000. OMERS ADMINISTRATION Corp boosted its stake in Parker-Hannifin by 6,912.4% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 312,472 shares of the industrial products company's stock worth $198,742,000 after buying an additional 308,016 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Parker-Hannifin by 44.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 865,970 shares of the industrial products company's stock worth $550,783,000 after buying an additional 265,768 shares during the period. Institutional investors and hedge funds own 82.44% of the company's stock.

Parker-Hannifin Trading Up 4.1%

NYSE:PH traded up $28.67 during midday trading on Thursday, reaching $725.80. 1,241,218 shares of the stock traded hands, compared to its average volume of 755,491. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $745.34. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21. The company has a fifty day moving average of $695.14 and a 200 day moving average of $655.75. The stock has a market capitalization of $92.74 billion, a P/E ratio of 27.95, a PEG ratio of 3.05 and a beta of 1.37.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.08 by $0.61. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $6.77 earnings per share. On average, research analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Analyst Ratings Changes

PH has been the subject of a number of research analyst reports. Mizuho set a $785.00 target price on shares of Parker-Hannifin in a research note on Friday, May 16th. KeyCorp increased their price objective on Parker-Hannifin from $735.00 to $790.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Morgan Stanley upped their price objective 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. Citigroup restated a "buy" rating and set a $831.00 price objective (up from $709.00) on shares of Parker-Hannifin in a research report on Monday, July 14th. Finally, Evercore ISI lifted their target price on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and an average target price of $739.59.

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.