PNC Financial Services Group Inc. Has $174.89 Million Stock Position in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• PNC Financial Services Group Inc. increased its stake in Parker-Hannifin Corporation by 2.3%, acquiring an additional 6,423 shares, bringing its total ownership to 287,722 shares.
• Parker-Hannifin reported $6.94 earnings per share for the recent quarter, exceeding analysts' expectations, despite a 2.2% decline in revenue year-over-year.
• Five analysts rated Parker-Hannifin stock with a "hold" rating while thirteen assigned a "buy" rating, leading to an average rating of "Moderate Buy" and a consensus price target of $739.59.

PNC Financial Services Group Inc. lifted its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 287,722 shares of the industrial products company's stock after buying an additional 6,423 shares during the period. PNC Financial Services Group Inc. owned about 0.22% of Parker-Hannifin worth $174,892,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PH. Aster Capital Management DIFC Ltd acquired a new stake in Parker-Hannifin during the fourth quarter valued at $25,000. Mpwm Advisory Solutions LLC acquired a new stake in Parker-Hannifin during the fourth quarter valued at $32,000. Olde Wealth Management LLC acquired a new stake in Parker-Hannifin during the first quarter valued at $35,000. Chilton Capital Management LLC boosted its position in Parker-Hannifin by 1,500.0% during the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 60 shares during the last quarter. Finally, Sierra Ocean LLC boosted its position in Parker-Hannifin by 89.5% during the first quarter. Sierra Ocean LLC now owns 72 shares of the industrial products company's stock valued at $44,000 after purchasing an additional 34 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Parker-Hannifin Stock Performance

PH traded down $12.40 on Wednesday, hitting $702.48. 275,333 shares of the stock traded hands, compared to its average volume of 742,520. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $745.34. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $89.76 billion, a PE ratio of 27.06, a P/E/G ratio of 3.07 and a beta of 1.37. The business has a fifty day moving average price of $694.53 and a two-hundred day moving average price of $655.47.

Analyst Ratings Changes

PH has been the subject of a number of research reports. Mizuho set a $785.00 price objective on Parker-Hannifin in a research report on Friday, May 16th. KeyCorp boosted their price target on Parker-Hannifin from $735.00 to $790.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Barclays boosted their price target on Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Argus set a $680.00 price target on Parker-Hannifin in a research report on Tuesday, May 6th. Finally, Citigroup reaffirmed a "buy" rating and issued a $831.00 price target (up previously from $709.00) on shares of Parker-Hannifin in a research report on Monday, July 14th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $739.59.

Parker-Hannifin Company Profile

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.