Pacific Heights Asset Management LLC Takes $63.58 Million Position in Parker-Hannifin Corporation $PH

Key Points

• Pacific Heights Asset Management purchased 65,000 Parker-Hannifin shares worth approximately $63.58 million, making PH 2% of its portfolio and its 10th-largest holding. Institutional investors collectively own 82.44% of the company.
• Analyst sentiment remains favorable, with 17 Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $1,100. Citigroup, Susquehanna and KeyCorp recently raised their targets, while one firm downgraded the stock to Hold.
• Parker-Hannifin exceeded quarterly expectations with $9.27 in EPS and $5.75 billion in revenue, up 9.8% year over year. The company also declared a quarterly dividend of $2 per share, representing an annualized yield of 0.8%.

Pacific Heights Asset Management LLC purchased a new position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 65,000 shares of the industrial products company's stock, valued at approximately $63,578,000. Parker-Hannifin accounts for approximately 2.0% of Pacific Heights Asset Management LLC's portfolio, making the stock its 10th biggest holding. Pacific Heights Asset Management LLC owned approximately 0.05% of Parker-Hannifin at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PH. BlackRock Inc. purchased a new stake in shares of Parker-Hannifin during the 2nd quarter valued at approximately $10,163,362,000. Bank of America Corp DE grew its stake in Parker-Hannifin by 0.6% in the 4th quarter. Bank of America Corp DE now owns 3,926,896 shares of the industrial products company's stock valued at $3,451,584,000 after buying an additional 22,305 shares in the last quarter. Capital World Investors grew its stake in Parker-Hannifin by 0.6% in the 4th quarter. Capital World Investors now owns 2,600,844 shares of the industrial products company's stock valued at $2,286,038,000 after buying an additional 16,703 shares in the last quarter. Morgan Stanley raised its holdings in Parker-Hannifin by 1.1% during the 4th quarter. Morgan Stanley now owns 2,133,044 shares of the industrial products company's stock valued at $1,874,862,000 after acquiring an additional 22,367 shares during the period. Finally, Norges Bank bought a new stake in Parker-Hannifin during the 4th quarter valued at $1,756,230,000. Hedge funds and other institutional investors own 82.44% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PH. Citigroup raised their price target on Parker-Hannifin from $1,141.00 to $1,232.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Susquehanna boosted their price objective on Parker-Hannifin from $1,100.00 to $1,250.00 and gave the company a "positive" rating in a research note on Friday, August 7th. Wall Street Zen downgraded Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. KeyCorp lifted their target price on Parker-Hannifin from $1,100.00 to $1,210.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Finally, Wells Fargo & Company decreased their price target on Parker-Hannifin from $980.00 to $950.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 26th. Seventeen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $1,100.00.

Parker-Hannifin Trading Down 2.8%

Shares of PH stock opened at $1,010.69 on Friday. The company has a market capitalization of $127.40 billion, a PE ratio of 35.48, a price-to-earnings-growth ratio of 2.71 and a beta of 1.12. Parker-Hannifin Corporation has a 52-week low of $715.37 and a 52-week high of $1,099.94. The business's fifty day moving average is $990.89 and its 200 day moving average is $950.16. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.74 and a current ratio of 1.26.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, August 6th. The industrial products company reported $9.27 earnings per share for the quarter, topping analysts' consensus estimates of $8.31 by $0.96. The business had revenue of $5.75 billion for the quarter, compared to analyst estimates of $5.57 billion. Parker-Hannifin had a return on equity of 28.48% and a net margin of 16.97%.The company's quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company earned $7.69 EPS. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. On average, equities research analysts anticipate that Parker-Hannifin Corporation will post 34.93 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 31st will be given a dividend of $2.00 per share. The ex-dividend date is Monday, August 31st. This represents a $8.00 annualized dividend and a dividend yield of 0.8%. Parker-Hannifin's dividend payout ratio (DPR) is 28.08%.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation NYSE: PH is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin's product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.

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