SouthState Corp Acquires 1,816 Shares of Parker-Hannifin Corporation (NYSE:PH)

Key Points

• SouthState Corp increased its holdings in Parker-Hannifin Corporation by 5.9% during Q1, now owning a total of 32,753 shares valued at approximately $19.91 million.
• Other institutional investors have significantly increased their stakes in Parker-Hannifin, with GAMMA Investing's holdings soaring by 66,111.8% after acquiring over 1.73 million shares.
• Parker-Hannifin's latest earnings report showed an EPS of $7.69, outperforming estimates, and the company's stock has a current market cap of $92.98 billion.

SouthState Corp lifted its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 5.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 32,753 shares of the industrial products company's stock after acquiring an additional 1,816 shares during the period. SouthState Corp's holdings in Parker-Hannifin were worth $19,909,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PH. SG Americas Securities LLC grew its stake in shares of Parker-Hannifin by 27.2% in the 1st quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company's stock worth $18,850,000 after acquiring an additional 6,630 shares in the last quarter. Alley Investment Management Company LLC bought a new stake in shares of Parker-Hannifin in the 1st quarter worth $7,996,000. Community Financial Services Group LLC grew its stake in shares of Parker-Hannifin by 1,338.2% in the 1st quarter. Community Financial Services Group LLC now owns 6,630 shares of the industrial products company's stock worth $4,030,000 after acquiring an additional 6,169 shares in the last quarter. Heartland Bank & Trust Co bought a new stake in shares of Parker-Hannifin in the 1st quarter worth $260,000. Finally, Banco Santander S.A. grew its stake in shares of Parker-Hannifin by 70.2% in the 1st quarter. Banco Santander S.A. now owns 35,645 shares of the industrial products company's stock worth $21,667,000 after acquiring an additional 14,705 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,361 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $732.66, for a total transaction of $3,195,130.26. Following the transaction, the chief operating officer directly owned 13,120 shares in the company, valued at $9,612,499.20. This trade represents a 24.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert W. Malone sold 2,257 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $730.66, for a total transaction of $1,649,099.62. Following the transaction, the vice president owned 5,866 shares in the company, valued at $4,286,051.56. The trade was a 27.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,414 shares of company stock valued at $6,883,931. 0.39% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PH. Citigroup reiterated a "buy" rating and issued a $831.00 target price (up previously from $709.00) on shares of Parker-Hannifin in a research note on Monday, July 14th. Raymond James Financial set a $845.00 price target on shares of Parker-Hannifin and gave the company an "outperform" rating in a research report on Friday, August 8th. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Parker-Hannifin in a research report on Friday, August 8th. Morgan Stanley increased their price target on shares of Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. Finally, Evercore ISI increased their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $763.00.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock traded up $10.16 on Wednesday, reaching $762.20. The stock had a trading volume of 616,607 shares, compared to its average volume of 755,924. The business's 50 day moving average is $700.75 and its two-hundred day moving average is $657.21. The company has a market cap of $97.39 billion, a P/E ratio of 28.10, a price-to-earnings-growth ratio of 3.03 and a beta of 1.37. The company has a current ratio of 1.19, a quick ratio of 0.71 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $763.99.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share for the quarter, beating analysts' consensus estimates of $7.08 by $0.61. The business had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.10 billion. Parker-Hannifin had a net margin of 17.79% and a return on equity of 26.80%. Parker-Hannifin's quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the firm posted $6.77 earnings per share. As a group, research analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin 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.