Bank of America Corp DE Cuts Position in Parker-Hannifin Corporation $PH

Bank of America Corp DE decreased its stake in Parker-Hannifin Corporation (NYSE:PH) by 11.3% in the 1st quarter, Holdings Channel reports. The firm owned 3,483,595 shares of the industrial products company’s stock after selling 443,301 shares during the quarter. Bank of America Corp DE’s holdings in Parker-Hannifin were worth $3,118,653,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Avion Wealth grew its position in Parker-Hannifin by 35.5% during the fourth quarter. Avion Wealth now owns 42 shares of the industrial products company’s stock worth $36,000 after buying an additional 11 shares during the period. Optas LLC lifted its position in shares of Parker-Hannifin by 3.1% during the 1st quarter. Optas LLC now owns 370 shares of the industrial products company’s stock valued at $331,000 after acquiring an additional 11 shares during the period. Moneta Group Investment Advisors LLC lifted its position in shares of Parker-Hannifin by 1.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 614 shares of the industrial products company’s stock valued at $540,000 after acquiring an additional 11 shares during the period. Inspire Advisors LLC boosted its stake in shares of Parker-Hannifin by 1.2% during the 4th quarter. Inspire Advisors LLC now owns 917 shares of the industrial products company’s stock worth $807,000 after acquiring an additional 11 shares in the last quarter. Finally, Altfest L J & Co. Inc. boosted its stake in shares of Parker-Hannifin by 4.4% during the 4th quarter. Altfest L J & Co. Inc. now owns 286 shares of the industrial products company’s stock worth $251,000 after acquiring an additional 12 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Down 3.9%

Shares of NYSE:PH opened at $951.84 on Thursday. The company has a current ratio of 1.13, a quick ratio of 0.66 and a debt-to-equity ratio of 0.46. The firm has a market cap of $120.02 billion, a price-to-earnings ratio of 35.11, a PEG ratio of 2.65 and a beta of 1.11. The stock’s 50-day moving average price is $929.50 and its two-hundred day moving average price is $937.50. Parker-Hannifin Corporation has a 12-month low of $692.02 and a 12-month high of $1,034.96.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, April 30th. The industrial products company reported $8.17 EPS for the quarter, beating analysts’ consensus estimates of $7.84 by $0.33. Parker-Hannifin had a net margin of 16.58% and a return on equity of 27.97%. The company had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the prior year, the company posted $6.94 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, research analysts forecast that Parker-Hannifin Corporation will post 31.26 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Citigroup reaffirmed a “buy” rating on shares of Parker-Hannifin in a research note on Monday, June 8th. Mizuho set a $1,050.00 target price on Parker-Hannifin in a research report on Friday, May 1st. Truist Financial upped their target price on Parker-Hannifin from $1,147.00 to $1,269.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parker-Hannifin in a research note on Friday, July 17th. Finally, Wells Fargo & Company decreased their price objective on shares of Parker-Hannifin from $980.00 to $950.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 26th. Eighteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,027.38.

Parker-Hannifin Profile

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.