Parker-Hannifin Corporation (NYSE:PH) Shares Purchased by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has increased its position in Parker-Hannifin Corporation to over $6.7 billion, owning approximately 8.56% of the company's shares after acquiring an additional 168,990 shares during the first quarter.
• Attachment has risen significantly among institutional investors, with over 82% of shares currently owned by such entities, including Brighton Jones LLC and APG Asset Management N.V., which have markedly increased their holdings.
• Multiple analysts have provided positive outlooks on Parker-Hannifin, with a consensus target price rising to $739.59 and nearly all rating it as a "Moderate Buy".

Vanguard Group Inc. raised its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,023,764 shares of the industrial products company's stock after acquiring an additional 168,990 shares during the period. Vanguard Group Inc. owned approximately 8.56% of Parker-Hannifin worth $6,700,795,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Goldman Sachs Group Inc. boosted its stake in Parker-Hannifin by 23.8% in the first quarter. Goldman Sachs Group Inc. now owns 996,738 shares of the industrial products company's stock valued at $605,867,000 after acquiring an additional 191,799 shares in the last quarter. Endowment Wealth Management Inc. increased its stake in Parker-Hannifin by 9.7% during the 1st quarter. Endowment Wealth Management Inc. now owns 714 shares of the industrial products company's stock valued at $434,000 after purchasing an additional 63 shares in the last quarter. West Michigan Advisors LLC acquired a new position in Parker-Hannifin during the 1st quarter valued at approximately $231,000. iA Global Asset Management Inc. increased its stake in Parker-Hannifin by 31.5% during the 1st quarter. iA Global Asset Management Inc. now owns 19,729 shares of the industrial products company's stock valued at $11,992,000 after purchasing an additional 4,729 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC increased its stake in Parker-Hannifin by 80.0% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 270 shares of the industrial products company's stock valued at $164,000 after purchasing an additional 120 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

Shares of PH stock traded up $2.32 during trading hours on Friday, hitting $727.68. 819,698 shares of the company's stock were exchanged, compared to its average volume of 660,415. The company has a quick ratio of 0.70, a current ratio of 1.19 and a debt-to-equity ratio of 0.55. The firm has a market cap of $92.98 billion, a P/E ratio of 26.83, a P/E/G ratio of 3.10 and a beta of 1.37. The firm has a 50 day moving average of $697.59 and a two-hundred day moving average of $656.47. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $745.34.

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

Analyst Ratings Changes

A number of research analysts have issued reports on PH shares. Morgan Stanley upped 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 note on Wednesday, July 9th. Barclays upped their price target on shares of Parker-Hannifin from $750.00 to $776.00 and gave the company an "overweight" rating in a research note on Friday. Raymond James Financial upped their price objective on shares of Parker-Hannifin from $735.00 to $845.00 and gave the company an "outperform" rating in a report on Friday. KeyCorp increased their price objective on shares of Parker-Hannifin from $790.00 to $810.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Wells Fargo & Company increased their price objective on shares of Parker-Hannifin from $770.00 to $800.00 and gave the stock an "overweight" rating in a research note on Friday. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and an average target price of $756.06.

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.