Scotia Capital Inc. Increases Stock Position in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Scotia Capital Inc. increased its holdings in Parker-Hannifin Corporation by 7.9% in Q1, owning 12,425 shares valued at $7.55 million by the end of the reporting period.
• The stock currently has an average analyst rating of "Moderate Buy" with a consensus target price of $739.59, reflecting positive sentiment among analysts.
• Parker-Hannifin reported $6.94 EPS for the last quarter, exceeding analyst expectations, although its revenue decreased by 2.2% year-over-year.

Scotia Capital Inc. raised its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,425 shares of the industrial products company's stock after buying an additional 913 shares during the period. Scotia Capital Inc.'s holdings in Parker-Hannifin were worth $7,553,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd purchased a new stake in shares of Parker-Hannifin during the 4th quarter valued at $25,000. Mpwm Advisory Solutions LLC purchased a new position in shares of Parker-Hannifin in the fourth quarter worth about $32,000. Olde Wealth Management LLC purchased a new position in Parker-Hannifin in the 1st quarter worth approximately $35,000. Chilton Capital Management LLC boosted its stake in shares of 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 period. Finally, Sierra Ocean LLC increased its position in shares of Parker-Hannifin by 89.5% in the first quarter. Sierra Ocean LLC now owns 72 shares of the industrial products company's stock valued at $44,000 after acquiring an additional 34 shares during the period. Hedge funds and other institutional investors own 82.44% of the company's stock.

Wall Street Analyst Weigh In

PH has been the topic of several recent analyst reports. Wells Fargo & Company lifted their price target on shares of Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Argus set a $680.00 price target on Parker-Hannifin in a research report on Tuesday, May 6th. KeyCorp increased their price target on shares of Parker-Hannifin from $735.00 to $790.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Stifel Nicolaus boosted their price target on Parker-Hannifin from $709.00 to $717.00 and gave the stock a "hold" rating in a research note on Monday, July 21st. Finally, Citigroup reissued a "buy" rating and set a $831.00 price objective (up from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and a consensus price target of $739.59.

Parker-Hannifin Price Performance

Parker-Hannifin stock traded up $28.67 during mid-day trading on Thursday, reaching $725.80. 1,241,335 shares of the company's stock traded hands, compared to its average volume of 756,629. The stock has a 50 day moving average of $695.14 and a two-hundred day moving average of $655.75. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $745.34. The company has a market cap of $92.74 billion, a price-to-earnings ratio of 27.95, a PEG ratio of 3.05 and a beta of 1.37.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The industrial products company reported $7.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.08 by $0.61. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. During the same period in the prior year, the company earned $6.77 earnings per share. The company's revenue was up 1.1% compared to the same quarter last year. Equities analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

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.