Zions Bancorporation National Association UT Acquires New Holdings in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Zions Bancorporation National Association UT has acquired a new stake of 1,665 shares in Parker-Hannifin Corporation valued at approximately $1,012,000, marking a significant investment during the first quarter.
• Wall Street analysts have increased their price targets for Parker-Hannifin, with Barclays setting a new target of $776.00 and Raymond James increasing it to $845.00, indicating a positive outlook for the company's stock.
• Parker-Hannifin reported earnings of $7.69 per share for the quarter, exceeding expectations and demonstrating a year-over-year revenue growth of 1.1% to $5.24 billion.

Zions Bancorporation National Association UT acquired a new stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,665 shares of the industrial products company's stock, valued at approximately $1,012,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mpwm Advisory Solutions LLC purchased a new position in shares of Parker-Hannifin during the 4th quarter worth $32,000. Olde Wealth Management LLC purchased a new position in shares of Parker-Hannifin during the 1st quarter worth $35,000. Chilton Capital Management LLC boosted its stake in shares of Parker-Hannifin by 1,500.0% during the 1st quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock worth $39,000 after acquiring an additional 60 shares during the last quarter. Accent Capital Management LLC purchased a new position in shares of Parker-Hannifin during the 1st quarter worth $41,000. Finally, Sierra Ocean LLC boosted its stake in shares of Parker-Hannifin by 89.5% during the 1st quarter. Sierra Ocean LLC now owns 72 shares of the industrial products company's stock worth $44,000 after acquiring an additional 34 shares during the last quarter. Institutional investors own 82.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PH. Barclays lifted their price target on shares of Parker-Hannifin from $750.00 to $776.00 and gave the stock an "overweight" rating in a research note on Friday. Raymond James Financial lifted their price target on shares of Parker-Hannifin from $735.00 to $845.00 and gave the stock an "outperform" rating in a research note on Friday. KeyCorp lifted their price target on shares of Parker-Hannifin from $790.00 to $810.00 and gave the stock an "overweight" rating in a research note on Friday. Morgan Stanley raised their price objective 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 raised their price objective 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 analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $763.00.

Parker-Hannifin Stock Performance

PH opened at $727.68 on Friday. The stock has a market capitalization of $92.98 billion, a price-to-earnings ratio of 26.83, a PEG ratio of 3.11 and a beta of 1.37. The company has a fifty day moving average of $697.59 and a 200 day moving average of $656.35. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $745.34. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.19.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share for the quarter, beating the consensus estimate of $7.08 by $0.61. The company had revenue of $5.24 billion during the quarter, compared to analysts' expectations 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 company posted $6.77 earnings per share. As a group, sell-side 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.

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