TD Asset Management Inc Grows Position in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• TD Asset Management Inc increased its stake in Parker-Hannifin Corporation by 5.5% after acquiring an additional 8,096 shares, bringing its total ownership to approximately 154,186 shares valued at $93,722,000.
• Parker-Hannifin reported $6.94 earnings per share (EPS) for the latest quarter, surpassing estimates, despite a 2.2% decrease in revenue year-over-year.
• The company's stock price reached $737.90, with an average target price from analysts of $739.59, indicating a general consensus of a "Moderate Buy."

TD Asset Management Inc increased its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 5.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 154,186 shares of the industrial products company's stock after purchasing an additional 8,096 shares during the period. TD Asset Management Inc owned approximately 0.12% of Parker-Hannifin worth $93,722,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in PH. First Manhattan CO. LLC. lifted its stake in Parker-Hannifin by 1.0% during the fourth quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock worth $1,005,000 after purchasing an additional 15 shares during the last quarter. Becker Capital Management Inc. grew its position in shares of Parker-Hannifin by 3.4% during the fourth quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company's stock valued at $307,000 after purchasing an additional 16 shares in the last quarter. Citizens National Bank Trust Department grew its position in shares of Parker-Hannifin by 8.5% during the first quarter. Citizens National Bank Trust Department now owns 217 shares of the industrial products company's stock valued at $132,000 after purchasing an additional 17 shares in the last quarter. Sunbelt Securities Inc. grew its position in Parker-Hannifin by 1.6% in the first quarter. Sunbelt Securities Inc. now owns 1,175 shares of the industrial products company's stock worth $714,000 after acquiring an additional 18 shares in the last quarter. Finally, Argonautica Private Wealth Management Inc. lifted its stake in shares of Parker-Hannifin by 0.4% during the 1st quarter. Argonautica Private Wealth Management Inc. now owns 4,095 shares of the industrial products company's stock worth $2,489,000 after acquiring an additional 18 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Wall Street Analysts Forecast Growth

PH has been the topic of several research reports. Evercore ISI upped their target price on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. KeyCorp upped 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. Truist Financial decreased their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Wolfe Research lowered shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Finally, Wells Fargo & Company increased their price objective on shares of Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $739.59.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, the vice president owned 2,083 shares of the company's stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Up 0.1%

Shares of PH traded up $0.49 during mid-day trading on Monday, hitting $739.31. 446,110 shares of the company's stock were exchanged, compared to its average volume of 746,707. The company has a market cap of $94.47 billion, a PE ratio of 28.47, a P/E/G ratio of 3.15 and a beta of 1.34. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $745.35. The company has a 50-day simple moving average of $686.08 and a 200 day simple moving average of $651.77. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping analysts' consensus estimates of $6.72 by $0.22. The company had revenue of $4.96 billion for the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. Parker-Hannifin's revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the business earned $6.51 earnings per share. On average, research analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal 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.