Citizens Financial Group Inc. RI Boosts Stake in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Citizens Financial Group Inc. RI increased its stake in Parker-Hannifin Corporation by 10.6%, holding 32,935 shares valued at approximately $20 million.
• Parker-Hannifin's stock is currently trading at $714.66, with a market capitalization of $91.32 billion and a price-to-earnings ratio of 27.52.
• Analyst ratings for Parker-Hannifin are generally positive, with a consensus rating of "Moderate Buy" and an average price target of $739.59.

Citizens Financial Group Inc. RI grew its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,935 shares of the industrial products company's stock after buying an additional 3,147 shares during the period. Citizens Financial Group Inc. RI's holdings in Parker-Hannifin were worth $20,020,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC grew its stake in Parker-Hannifin by 27.2% during the first quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company's stock worth $18,850,000 after purchasing an additional 6,630 shares during the period. Alley Investment Management Company LLC acquired a new stake in Parker-Hannifin during the first quarter worth approximately $7,996,000. Community Financial Services Group LLC grew its stake in Parker-Hannifin by 1,338.2% during the first quarter. Community Financial Services Group LLC now owns 6,630 shares of the industrial products company's stock worth $4,030,000 after purchasing an additional 6,169 shares during the period. Heartland Bank & Trust Co acquired a new stake in Parker-Hannifin during the first quarter worth approximately $260,000. Finally, Banco Santander S.A. grew its stake in Parker-Hannifin by 70.2% during the first quarter. Banco Santander S.A. now owns 35,645 shares of the industrial products company's stock worth $21,667,000 after purchasing an additional 14,705 shares during the period. Institutional investors and hedge funds own 82.44% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PH. Evercore ISI increased their price target on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Mizuho set a $785.00 price target on Parker-Hannifin in a report on Friday, May 16th. Citigroup reiterated a "buy" rating and issued a $831.00 price target (up previously from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Morgan Stanley increased their price target on Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Finally, Barclays reiterated an "overweight" rating and issued a $776.00 price target (up previously from $750.00) on shares of Parker-Hannifin in a report on Friday. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $756.06.

Parker-Hannifin Price Performance

NYSE:PH traded up $2.32 during trading hours on Friday, hitting $727.68. 819,698 shares of the company's stock traded hands, compared to its average volume of 660,415. The firm has a market cap of $92.98 billion, a P/E ratio of 26.83, a P/E/G ratio of 3.10 and a beta of 1.37. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $745.34. The business's fifty day simple moving average is $696.32 and its two-hundred day simple moving average is $656.13. The company has a quick ratio of 0.70, a current ratio of 1.19 and a debt-to-equity ratio of 0.55.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The industrial products company reported $7.69 earnings per share (EPS) 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 company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.10 billion. During the same quarter last year, the company earned $6.77 earnings per share. The firm's quarterly revenue was up 1.1% on a year-over-year basis. On average, research analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

About Parker-Hannifin

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.