CCM Investment Advisers LLC bought a new position in Parker-Hannifin Corporation (NYSE:PH) during the second quarter, Holdings Channel reports. The fund bought 49,675 shares of the industrial products company’s stock, valued at approximately $7,939,000.

Several other hedge funds also recently added to or reduced their stakes in PH. Two Sigma Securities LLC bought a new stake in Parker-Hannifin Corporation during the first quarter worth approximately $785,000. Pillar Pacific Capital Management LLC boosted its stake in Parker-Hannifin Corporation by 3.8% in the first quarter. Pillar Pacific Capital Management LLC now owns 26,890 shares of the industrial products company’s stock worth $4,311,000 after buying an additional 980 shares in the last quarter. Stifel Financial Corp boosted its stake in Parker-Hannifin Corporation by 2.8% in the first quarter. Stifel Financial Corp now owns 353,400 shares of the industrial products company’s stock worth $56,657,000 after buying an additional 9,777 shares in the last quarter. Markel Corp boosted its stake in Parker-Hannifin Corporation by 15.7% in the first quarter. Markel Corp now owns 95,600 shares of the industrial products company’s stock worth $15,327,000 after buying an additional 13,000 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in Parker-Hannifin Corporation by 943.9% in the first quarter. Bank of Nova Scotia now owns 30,535 shares of the industrial products company’s stock worth $4,896,000 after buying an additional 27,610 shares in the last quarter. 80.17% of the stock is owned by institutional investors and hedge funds.

Shares of Parker-Hannifin Corporation (NYSE PH) opened at 157.02 on Friday. The stock has a market cap of $20.93 billion, a PE ratio of 21.66 and a beta of 1.40. The company’s 50-day moving average is $162.43 and its 200 day moving average is $158.07. Parker-Hannifin Corporation has a 52 week low of $118.77 and a 52 week high of $167.50.

Parker-Hannifin Corporation (NYSE:PH) last posted its earnings results on Thursday, August 3rd. The industrial products company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.14. Parker-Hannifin Corporation had a net margin of 8.18% and a return on equity of 22.90%. The business had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.52 billion. During the same period in the previous year, the company posted $1.90 earnings per share. The business’s revenue for the quarter was up 18.2% compared to the same quarter last year. Analysts forecast that Parker-Hannifin Corporation will post $9.06 earnings per share for the current fiscal year.

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PH has been the subject of a number of research reports. Barclays PLC reissued an “equal weight” rating and set a $148.00 target price (down previously from $158.00) on shares of Parker-Hannifin Corporation in a research note on Wednesday, April 19th. Jefferies Group LLC reissued a “hold” rating and set a $165.00 target price (up previously from $163.00) on shares of Parker-Hannifin Corporation in a research note on Wednesday. Stifel Nicolaus reissued a “buy” rating and set a $176.00 target price on shares of Parker-Hannifin Corporation in a research note on Thursday, July 6th. Wolfe Research initiated coverage on shares of Parker-Hannifin Corporation in a research note on Tuesday, July 11th. They set an “outperform” rating and a $182.00 target price for the company. Finally, J P Morgan Chase & Co set a $175.00 target price on shares of Parker-Hannifin Corporation and gave the stock a “buy” rating in a research note on Thursday, May 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company’s stock. Parker-Hannifin Corporation currently has an average rating of “Buy” and an average target price of $168.69.

In other news, VP John G. Dedinsky, Jr. sold 2,530 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $160.98, for a total transaction of $407,279.40. Following the transaction, the vice president now directly owns 21,753 shares of the company’s stock, valued at $3,501,797.94. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Martin C. Maxwell sold 2,850 shares of the business’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $160.08, for a total transaction of $456,228.00. Following the transaction, the vice president now directly owns 21,968 shares in the company, valued at $3,516,637.44. The disclosure for this sale can be found here. Insiders own 2.73% of the company’s stock.

About Parker-Hannifin Corporation

Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.

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Institutional Ownership by Quarter for Parker-Hannifin Corporation (NYSE:PH)

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