Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Zurcher Kantonalbank increased its stake in Parker-Hannifin Corporation by 4.0%, acquiring an additional 2,665 shares, bringing its total ownership to 69,959 shares valued at approximately $42.5 million.
• The institutional ownership of Parker-Hannifin is significant, with 82.44% of its shares held by institutional investors, indicating strong confidence in the company's stability and growth.
• Parker-Hannifin recently reported earnings of $6.94 per share, exceeding analysts' estimates, although revenue fell slightly 2.2% year-over-year to $4.96 billion.

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 4.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,959 shares of the industrial products company's stock after purchasing an additional 2,665 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.05% of Parker-Hannifin worth $42,525,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PH. Aster Capital Management DIFC Ltd purchased a new position in Parker-Hannifin in the 4th quarter worth $25,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter valued at about $32,000. Olde Wealth Management LLC acquired a new position in shares of Parker-Hannifin in the first quarter valued at about $35,000. Chilton Capital Management LLC raised its stake in shares of Parker-Hannifin by 1,500.0% in the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock worth $39,000 after purchasing an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Parker-Hannifin by 214.3% during the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock worth $42,000 after purchasing an additional 45 shares during the period. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Price Performance

PH traded up $0.49 during midday trading on Monday, hitting $739.31. 446,110 shares of the company traded hands, compared to its average volume of 490,116. The business has a 50 day simple moving average of $687.27 and a two-hundred day simple moving average of $652.54. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $745.35. The company has a market capitalization of $94.47 billion, a price-to-earnings ratio of 28.47, a PEG ratio of 3.15 and a beta of 1.34. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55.

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PH shares. Stifel Nicolaus increased their price target on shares of Parker-Hannifin from $709.00 to $717.00 and gave the stock a "hold" rating in a report on Monday, July 21st. Truist Financial dropped their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Barclays raised their target price on shares of Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Argus set a $680.00 price target on shares of Parker-Hannifin in a report on Tuesday, May 6th. Finally, KeyCorp lifted their price objective on Parker-Hannifin from $735.00 to $790.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $739.59.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the firm'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 transaction, the vice president directly owned 2,083 shares of the company's stock, valued at $1,292,230.71. This trade represents a 6.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.39% of the stock is currently owned by company insiders.

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.