Parker-Hannifin Corporation $PH Stock Position Lowered by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its Parker-Hannifin position by 4.5% in the first quarter, selling 4,098 shares and retaining 87,239 shares worth approximately $78.1 million. Institutional investors and hedge funds collectively own 82.44% of the company.
• Analyst sentiment remains positive, with 18 Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $1,027.38.
• Parker-Hannifin’s latest quarterly results exceeded expectations: adjusted EPS was $8.17 versus $7.84 expected, while revenue rose 10.6% year over year to $5.49 billion.

The Manufacturers Life Insurance Company decreased its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 4.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 87,239 shares of the industrial products company's stock after selling 4,098 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.07% of Parker-Hannifin worth $78,100,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Parker-Hannifin in the 4th quarter valued at about $1,756,230,000. Eurizon Capital SGR S.p.A. bought a new stake in shares of Parker-Hannifin in the 4th quarter worth approximately $185,532,000. Focus Partners Wealth lifted its stake in Parker-Hannifin by 1,535.3% during the fourth quarter. Focus Partners Wealth now owns 221,010 shares of the industrial products company's stock valued at $194,106,000 after purchasing an additional 207,495 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Parker-Hannifin by 119.3% during the first quarter. Assenagon Asset Management S.A. now owns 340,727 shares of the industrial products company's stock valued at $305,032,000 after purchasing an additional 185,367 shares during the last quarter. Finally, Jennison Associates LLC boosted its holdings in Parker-Hannifin by 152.2% during the first quarter. Jennison Associates LLC now owns 261,912 shares of the industrial products company's stock worth $234,474,000 after buying an additional 158,081 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PH. Weiss Ratings restated a "buy (b)" rating on shares of Parker-Hannifin in a research report on Friday, July 17th. Evercore set a $1,064.00 price objective on Parker-Hannifin in a research note on Monday, May 11th. Wall Street Zen cut Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Saturday, June 6th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $1,037.00 target price on shares of Parker-Hannifin in a research report on Thursday, July 16th. Finally, Wells Fargo & Company reduced their target price on Parker-Hannifin from $980.00 to $950.00 and set an "overweight" rating for the company in a report on Tuesday, May 26th. Eighteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $1,027.38.

Parker-Hannifin Stock Down 3.9%

Shares of NYSE:PH opened at $951.84 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.66 and a current ratio of 1.13. The company has a market cap of $120.01 billion, a PE ratio of 35.11, a price-to-earnings-growth ratio of 2.65 and a beta of 1.11. Parker-Hannifin Corporation has a 52 week low of $692.02 and a 52 week high of $1,034.96. The firm has a 50 day simple moving average of $929.50 and a 200 day simple moving average of $937.50.

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

About Parker-Hannifin

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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