Parker-Hannifin Corporation (NYSE:PH) Shares Bought by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Parker-Hannifin by 0.9%, holding approximately 0.22% of the company, valued at $168.7 million.
• Analysts have given Parker-Hannifin a consensus rating of "Moderate Buy" with a price target of $739.59, with multiple firms adjusting their targets following recent evaluations.
• Parker-Hannifin's shares recently opened at $737.90 after reporting $6.94 earnings per share, surpassing estimates, despite a 2.2% year-over-year decrease in revenue.

Mackenzie Financial Corp raised its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 0.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 277,498 shares of the industrial products company's stock after buying an additional 2,585 shares during the period. Mackenzie Financial Corp owned about 0.22% of Parker-Hannifin worth $168,677,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Geode Capital Management LLC raised its stake in Parker-Hannifin by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company's stock valued at $1,699,580,000 after buying an additional 99,261 shares in the last quarter. Invesco Ltd. increased its position in shares of Parker-Hannifin by 8.6% during the fourth quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company's stock worth $1,591,810,000 after purchasing an additional 198,292 shares in the last quarter. Royal Bank of Canada increased its position in shares of Parker-Hannifin by 99.8% during 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 increased its position in shares of Parker-Hannifin by 9.3% during 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 increased 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 purchasing an additional 1,732,791 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the sale, the vice president directly owned 2,083 shares in the company, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.39% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on PH. Mizuho set a $785.00 target price on Parker-Hannifin in a research report on Friday, May 16th. Argus set a $680.00 price objective on Parker-Hannifin in a report on Tuesday, May 6th. Wolfe Research lowered Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Truist Financial reduced their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Finally, Wells Fargo & Company upped their target price on Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $739.59.

Parker-Hannifin Trading Up 0.1%

Shares of PH traded up $0.49 during trading hours on Monday, hitting $739.31. The stock had a trading volume of 446,110 shares, compared to its average volume of 490,116. 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 firm has a market cap of $94.47 billion, a P/E ratio of 28.47, a P/E/G ratio of 3.15 and a beta of 1.34. The company's fifty day simple moving average is $687.27 and its 200 day simple moving average is $652.54. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $745.35.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping the consensus estimate of $6.72 by $0.22. The business 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 quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the company posted $6.51 EPS. Equities research analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS 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.