M&T Bank Corp lifted its position in Parker-Hannifin Corp (NYSE:PH) by 41.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,313 shares of the industrial products company’s stock after purchasing an additional 9,694 shares during the quarter. M&T Bank Corp’s holdings in Parker-Hannifin were worth $6,105,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. NuWave Investment Management LLC purchased a new position in shares of Parker-Hannifin during the 2nd quarter worth approximately $27,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Parker-Hannifin during the first quarter worth $28,000. Ameritas Investment Company LLC acquired a new stake in shares of Parker-Hannifin during the first quarter worth $30,000. Parkside Financial Bank & Trust boosted its holdings in shares of Parker-Hannifin by 127.4% during the first quarter. Parkside Financial Bank & Trust now owns 282 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 158 shares during the last quarter. Finally, NWK Group Inc. purchased a new position in shares of Parker-Hannifin in the 1st quarter worth $38,000. 78.70% of the stock is owned by hedge funds and other institutional investors.
Shares of PH stock opened at $178.92 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.49 and a debt-to-equity ratio of 1.28. The business has a 50 day moving average of $181.86 and a two-hundred day moving average of $171.86. Parker-Hannifin Corp has a 52 week low of $93.00 and a 52 week high of $215.94. The company has a market cap of $22.94 billion, a P/E ratio of 17.59, a PEG ratio of 1.58 and a beta of 1.67.
Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, April 30th. The industrial products company reported $2.92 EPS for the quarter, beating the Zacks’ consensus estimate of $2.24 by $0.68. Parker-Hannifin had a return on equity of 24.30% and a net margin of 9.32%. The company had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $3.56 billion. During the same period in the previous year, the firm posted $3.17 earnings per share. Parker-Hannifin’s quarterly revenue was up .4% compared to the same quarter last year. Analysts expect that Parker-Hannifin Corp will post 9.74 EPS for the current fiscal year.
In other Parker-Hannifin news, CFO Catherine A. Suever sold 1,862 shares of Parker-Hannifin stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $204.60, for a total transaction of $380,965.20. Following the transaction, the chief financial officer now directly owns 37,845 shares in the company, valued at approximately $7,743,087. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Andrew D. Ross sold 5,000 shares of Parker-Hannifin stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $205.18, for a total transaction of $1,025,900.00. Following the transaction, the vice president now owns 14,091 shares in the company, valued at $2,891,191.38. The disclosure for this sale can be found here. 1.23% of the stock is currently owned by corporate insiders.
PH has been the topic of several research reports. Argus raised Parker-Hannifin from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Monday, May 11th. Jefferies Financial Group increased their target price on Parker-Hannifin from $190.00 to $210.00 and gave the stock a “buy” rating in a research report on Wednesday, July 1st. Citigroup increased their target price on Parker-Hannifin from $165.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, June 18th. Zacks Investment Research raised Parker-Hannifin from a “sell” rating to a “hold” rating and set a $176.00 target price on the stock in a research report on Tuesday, May 19th. Finally, Wolfe Research raised Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $217.00 target price on the stock in a research report on Wednesday, April 15th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $201.67.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
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