Parker-Hannifin Corporation $PH Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Parker-Hannifin stake by 11.3% in the first quarter, selling 443,301 shares and retaining 3.48 million shares worth approximately $3.12 billion.
• Institutional investors and hedge funds own 82.44% of Parker-Hannifin. Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $1,027.38.
• Parker-Hannifin reported quarterly EPS of $8.17, exceeding estimates of $7.84, while revenue rose 10.6% year over year to $5.49 billion.

Bank of America Corp DE reduced its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,483,595 shares of the industrial products company's stock after selling 443,301 shares during the period. Bank of America Corp DE owned about 2.76% of Parker-Hannifin worth $3,118,653,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in PH. Fideuram Asset Management Ireland dac purchased a new position in shares of Parker-Hannifin in the 4th quarter valued at about $1,253,000. Truist Financial Corp lifted its stake in Parker-Hannifin by 2.7% during the fourth quarter. Truist Financial Corp now owns 174,852 shares of the industrial products company's stock worth $153,687,000 after purchasing an additional 4,673 shares during the last quarter. Y.D. More Investments Ltd purchased a new stake in Parker-Hannifin during the fourth quarter worth approximately $3,800,000. BCS Wealth Management boosted its holdings in Parker-Hannifin by 83.3% in the fourth quarter. BCS Wealth Management now owns 3,120 shares of the industrial products company's stock valued at $2,742,000 after purchasing an additional 1,418 shares in the last quarter. Finally, Shepherd Street Advisors LLC acquired a new position in Parker-Hannifin in the fourth quarter valued at approximately $1,736,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PH has been the subject of several recent analyst reports. Truist Financial boosted their price objective on shares of Parker-Hannifin from $1,147.00 to $1,269.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Wells Fargo & Company dropped their target price on shares of Parker-Hannifin from $980.00 to $950.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 26th. JPMorgan Chase & Co. cut their price target on shares of Parker-Hannifin from $1,100.00 to $1,060.00 and set an "overweight" rating on the stock in a research note on Thursday, May 7th. Sanford C. Bernstein reissued an "outperform" rating and issued a $1,037.00 price target on shares of Parker-Hannifin in a research report on Thursday, July 16th. Finally, Citigroup reaffirmed a "buy" rating on shares of Parker-Hannifin in a report on Monday, June 8th. Eighteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $1,027.38.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $951.84 on Thursday. Parker-Hannifin Corporation has a 52 week low of $692.02 and a 52 week high of $1,034.96. The company has a 50-day moving average price of $929.50 and a 200 day moving average price of $937.50. The company has a market cap of $120.02 billion, a P/E ratio of 35.11, a PEG ratio of 2.65 and a beta of 1.11. The company has a quick ratio of 0.66, a current ratio of 1.13 and a debt-to-equity ratio of 0.46.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results on Thursday, April 30th. The industrial products company reported $8.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.84 by $0.33. The company had revenue of $5.49 billion for the quarter, compared to analysts' expectations of $5.40 billion. Parker-Hannifin had a return on equity of 27.97% and a net margin of 16.58%.The firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.94 EPS. Research analysts predict that Parker-Hannifin Corporation will post 31.26 earnings per share for the current year.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation NYSE: PH is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin's product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.

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