Cetera Investment Advisers Buys 10,761 Shares of Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Cetera Investment Advisers increased its stake in Parker-Hannifin by 21.3% in the first quarter, owning 61,373 shares valued at approximately $37.3 million.
• Several institutional investors also boosted their holdings, contributing to a total of 82.44% institutional ownership of Parker-Hannifin stock.
• Wall Street analysts forecast continued growth for Parker-Hannifin, with price targets raised ranging from $750 to $785, and an average rating of "Moderate Buy."

Cetera Investment Advisers increased its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 21.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,373 shares of the industrial products company's stock after purchasing an additional 10,761 shares during the quarter. Cetera Investment Advisers' holdings in Parker-Hannifin were worth $37,305,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Geode Capital Management LLC increased its position in Parker-Hannifin by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company's stock worth $1,699,580,000 after buying an additional 99,261 shares during the period. Invesco Ltd. boosted its stake in Parker-Hannifin by 8.6% in the 4th quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company's stock valued at $1,591,810,000 after buying an additional 198,292 shares in the last quarter. Royal Bank of Canada boosted its stake in 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 worth $1,448,241,000 after purchasing an additional 1,137,564 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Parker-Hannifin by 9.3% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company's stock worth $1,282,294,000 after purchasing an additional 172,064 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Parker-Hannifin by 66,111.8% during the first 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 last quarter. Hedge funds and other institutional investors own 82.44% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Citigroup restated a "buy" rating and set a $831.00 target price (up previously from $709.00) on shares of Parker-Hannifin in a research report on Monday, July 14th. Barclays increased their price target on Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Mizuho set a $785.00 price target on Parker-Hannifin in a report on Friday, May 16th. Argus set a $680.00 price objective on Parker-Hannifin in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company upped their price objective on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $739.59.

Parker-Hannifin Stock Performance

NYSE:PH traded up $0.49 on Monday, hitting $739.31. The company's stock had a trading volume of 446,110 shares, compared to its average volume of 746,707. 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 moving average of $686.08 and a two-hundred day moving average of $651.77. The firm has a market capitalization of $94.47 billion, a P/E ratio of 28.47, a price-to-earnings-growth ratio of 3.15 and a beta of 1.34. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $745.35.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The business's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $6.51 earnings per share. Research analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president owned 2,083 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.39% of the company's stock.

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.