AlphaCore Capital LLC Grows Position in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• AlphaCore Capital LLC increased its stake in Parker-Hannifin Corporation by 82.2% during the first quarter, now holding shares valued at approximately $2.06 million.
• Wall Street analysts have a generally positive outlook, with the current average target price for Parker-Hannifin shares set at $739.59 and a consensus rating of "Moderate Buy."
• Parker-Hannifin reported earnings of $7.69 per share for the latest quarter, which exceeded analyst expectations and highlighted a 1.1% year-over-year revenue increase.

AlphaCore Capital LLC boosted its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 82.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,388 shares of the industrial products company's stock after buying an additional 1,528 shares during the quarter. AlphaCore Capital LLC's holdings in Parker-Hannifin were worth $2,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $25,000. Mpwm Advisory Solutions LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $32,000. Olde Wealth Management LLC purchased a new stake in shares of Parker-Hannifin during the first quarter valued at approximately $35,000. Chilton Capital Management LLC boosted its stake in shares of 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 valued at $39,000 after purchasing an additional 60 shares during the period. Finally, Accent Capital Management LLC purchased a new stake in shares of Parker-Hannifin during the first quarter valued at approximately $41,000. Hedge funds and other institutional investors own 82.44% of the company's stock.

Parker-Hannifin Stock Up 0.3%

Shares of NYSE:PH traded up $2.32 on Friday, hitting $727.68. 819,698 shares of the company traded hands, compared to its average volume of 660,415. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $745.34. The company has a quick ratio of 0.70, a current ratio of 1.19 and a debt-to-equity ratio of 0.55. The stock has a 50 day simple moving average of $697.59 and a 200-day simple moving average of $656.35. The company has a market cap of $92.98 billion, a PE ratio of 26.83, a PEG ratio of 3.11 and a beta of 1.37.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share for the quarter, beating the consensus estimate of $7.08 by $0.61. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.79%. The firm had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.10 billion. During the same period last year, the company earned $6.77 earnings per share. The company's revenue was up 1.1% on a year-over-year basis. As a group, research analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on PH. Wells Fargo & Company increased their price objective on Parker-Hannifin from $770.00 to $800.00 and gave the company an "overweight" rating in a research note on Friday. Stifel Nicolaus raised their price target on Parker-Hannifin from $717.00 to $726.00 and gave the stock a "hold" rating in a research note on Friday. Argus set a $680.00 price target on Parker-Hannifin in a research note on Tuesday, May 6th. Evercore ISI raised their price target on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Finally, Barclays reaffirmed an "overweight" rating and issued a $776.00 price target (up previously from $750.00) on shares of Parker-Hannifin in a research note on Friday. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $756.06.

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.