M&T Bank Corp boosted its holdings in Parker-Hannifin Corp (NYSE:PH) by 41.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 33,313 shares of the industrial products company’s stock after buying an additional 9,694 shares during the period. M&T Bank Corp’s holdings in Parker-Hannifin were worth $6,105,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in PH. NuWave Investment Management LLC acquired a new position in Parker-Hannifin in the second quarter valued at approximately $27,000. Harvest Fund Management Co. Ltd acquired a new position in Parker-Hannifin in the first quarter valued at approximately $28,000. Ameritas Investment Company LLC acquired a new stake in Parker-Hannifin in the first quarter worth $30,000. Parkside Financial Bank & Trust raised its holdings in Parker-Hannifin by 127.4% in 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 period. Finally, NWK Group Inc. acquired a new stake in Parker-Hannifin in the first quarter worth $38,000. Institutional investors and hedge funds own 78.70% of the company’s stock.
Shares of PH stock opened at $178.92 on Friday. The company has a market capitalization of $22.94 billion, a price-to-earnings ratio of 17.59, a PEG ratio of 1.58 and a beta of 1.67. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.94 and a current ratio of 1.49. The company has a 50-day simple moving average of $181.86 and a 200 day simple moving average of $171.86. Parker-Hannifin Corp has a 52 week low of $93.00 and a 52 week high of $215.94.
In other Parker-Hannifin news, CFO Catherine A. Suever sold 1,862 shares of the business’s 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 sale, the chief financial officer now directly owns 37,845 shares of the company’s stock, valued at approximately $7,743,087. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Andrew D. Ross sold 5,000 shares of the business’s 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 sale, the vice president now directly 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 insiders.
Several equities research analysts have weighed in on PH shares. Argus upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Monday, May 11th. BMO Capital Markets increased their target price on shares of Parker-Hannifin from $175.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, May 1st. Morgan Stanley reiterated a “buy” rating and issued a $192.00 target price on shares of Parker-Hannifin in a report on Friday, May 1st. Wolfe Research upgraded shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $217.00 target price on the stock in a report on Wednesday, April 15th. Finally, Citigroup increased their target price on shares of Parker-Hannifin from $165.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, June 18th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $201.67.
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 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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