Purkiss Capital Advisors LLC Makes New $244,000 Investment in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Purkiss Capital Advisors LLC acquired a new stake in Parker-Hannifin Corporation, purchasing 401 shares for approximately $244,000 during the first quarter.
• Several hedge funds increased their positions in Parker-Hannifin, with Royal Bank of Canada significantly raising its stake by 99.8% during the fourth quarter.
• Parker-Hannifin's stock currently has a consensus rating of "Moderate Buy" with an average target price of $739.59 according to analysts.

Purkiss Capital Advisors LLC purchased a new position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 401 shares of the industrial products company's stock, valued at approximately $244,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd acquired a new position in Parker-Hannifin during the fourth quarter worth about $25,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $32,000. Olde Wealth Management LLC acquired a new stake in shares of Parker-Hannifin in the first quarter valued at approximately $35,000. Chilton Capital Management LLC grew its position in shares of Parker-Hannifin by 1,500.0% in 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, Meeder Asset Management Inc. grew its position in shares of Parker-Hannifin by 214.3% in the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 45 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on PH shares. Evercore ISI raised their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a report on Friday, May 16th. Citigroup reiterated a "buy" rating and issued a $831.00 price target (up previously from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Morgan Stanley raised their target price on shares of Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. Finally, Argus set a $680.00 target price on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $739.59.

Parker-Hannifin Stock Up 0.1%

Shares of Parker-Hannifin stock traded up $0.49 on Monday, hitting $739.31. The company had a trading volume of 446,110 shares, compared to its average volume of 490,116. The firm has a market capitalization 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. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $745.35. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. The stock has a 50-day moving average of $687.27 and a 200-day moving average of $652.54.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The firm had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period in the prior year, the firm posted $6.51 earnings per share. The company's quarterly revenue was down 2.2% compared to the same quarter last year. Research analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.39% of the company's stock.

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.