Parker-Hannifin Corporation (NYSE:PH) Stake Boosted by Abbot Financial Management Inc.

Key Points

• Abbot Financial Management Inc. increased its stake in Parker-Hannifin by 15.8%, owning 2,837 shares valued at approximately $1.72 million, making it the 28th largest holding in their portfolio.
• Notably, GAMMA Investing LLC dramatically increased its stake by 66,111.8%, now owning 1.73 million shares worth over $1 billion, reflecting significant confidence in the company's performance.
• Parker-Hannifin recently reported an EPS of $6.94, exceeding analysts' expectations, while revenue for the quarter was slightly down 2.2% year-over-year, totaling $4.96 billion.

Abbot Financial Management Inc. increased its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 15.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,837 shares of the industrial products company's stock after purchasing an additional 388 shares during the quarter. Parker-Hannifin makes up 0.9% of Abbot Financial Management Inc.'s investment portfolio, making the stock its 28th largest holding. Abbot Financial Management Inc.'s holdings in Parker-Hannifin were worth $1,724,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Manhattan CO. LLC. increased its holdings in Parker-Hannifin by 1.0% in the fourth quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock valued at $1,005,000 after purchasing an additional 15 shares during the last quarter. Becker Capital Management Inc. grew its stake in Parker-Hannifin by 3.4% in the 4th quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company's stock valued at $307,000 after buying an additional 16 shares during the last quarter. Citizens National Bank Trust Department grew its position in shares of Parker-Hannifin by 8.5% during the 1st quarter. Citizens National Bank Trust Department now owns 217 shares of the industrial products company's stock worth $132,000 after purchasing an additional 17 shares in the last quarter. Sunbelt Securities Inc. lifted its stake in Parker-Hannifin by 1.6% during the first quarter. Sunbelt Securities Inc. now owns 1,175 shares of the industrial products company's stock worth $714,000 after purchasing an additional 18 shares during the last quarter. Finally, Argonautica Private Wealth Management Inc. boosted its holdings in shares of Parker-Hannifin by 0.4% in the 1st quarter. Argonautica Private Wealth Management Inc. now owns 4,095 shares of the industrial products company's stock valued at $2,489,000 after purchasing an additional 18 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the business's 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 sale, the vice president owned 2,083 shares of the company's stock, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.39% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. KeyCorp raised their price target on shares of Parker-Hannifin from $735.00 to $790.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Evercore ISI boosted their target price on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Morgan Stanley lifted their target price on shares of Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Wolfe Research downgraded Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Finally, Citigroup reissued a "buy" rating and set a $831.00 target price (up previously from $709.00) on shares of Parker-Hannifin in a research note on Monday, July 14th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $739.59.

Parker-Hannifin Stock Down 0.2%

PH stock traded down $1.68 during mid-day trading on Thursday, hitting $730.35. 186,253 shares of the company were exchanged, compared to its average volume of 742,094. The company has a market capitalization of $93.32 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 3.14 and a beta of 1.34. The firm has a fifty day simple moving average of $689.76 and a 200 day simple moving average of $653.65. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $745.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the firm posted $6.51 earnings per share. Parker-Hannifin's quarterly revenue was down 2.2% compared to the same quarter last year. On average, research analysts forecast 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.