Advent Capital Management DE Acquires New Shares in Parker-Hannifin Corporation (NYSE:PH)

Advent Capital Management DE acquired a new stake in Parker-Hannifin Corporation (NYSE:PH) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 4,000 shares of the industrial products company’s stock, valued at approximately $2,431,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Cooper Financial Group increased its holdings in Parker-Hannifin by 7.6% during the 1st quarter. Cooper Financial Group now owns 895 shares of the industrial products company’s stock worth $544,000 after purchasing an additional 63 shares in the last quarter. Strengthening Families & Communities LLC increased its holdings in Parker-Hannifin by 18.6% during the 1st quarter. Strengthening Families & Communities LLC now owns 204 shares of the industrial products company’s stock worth $124,000 after purchasing an additional 32 shares in the last quarter. Fiduciary Family Office LLC bought a new position in Parker-Hannifin during the 1st quarter worth about $1,560,000. Frank Rimerman Advisors LLC increased its holdings in Parker-Hannifin by 0.8% during the 1st quarter. Frank Rimerman Advisors LLC now owns 3,880 shares of the industrial products company’s stock worth $2,358,000 after purchasing an additional 30 shares in the last quarter. Finally, Townsquare Capital LLC boosted its stake in shares of Parker-Hannifin by 3.1% during the 1st quarter. Townsquare Capital LLC now owns 5,548 shares of the industrial products company’s stock worth $3,373,000 after buying an additional 169 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Trading Up 0.3%

Shares of NYSE:PH opened at $727.68 on Friday. The company has a 50-day simple moving average of $697.59 and a 200 day simple moving average of $656.35. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.19. The company has a market capitalization of $92.98 billion, a P/E ratio of 26.83, a price-to-earnings-growth ratio of 3.11 and a beta of 1.37. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $745.34.

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

Analyst Upgrades and Downgrades

PH has been the subject of a number of recent research reports. Stifel Nicolaus increased their price objective on shares of Parker-Hannifin from $717.00 to $726.00 and gave the stock a “hold” rating in a research note on Friday. Argus set a $680.00 price objective on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Evercore ISI increased their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an “outperform” rating in a research note on Monday, May 19th. Citigroup restated a “buy” rating and set a $831.00 price objective (up from $709.00) on shares of Parker-Hannifin in a research note on Monday, July 14th. Finally, 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. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $763.00.

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.