OFI Invest Asset Management Increases Stake in Parker-Hannifin Corporation $PH

OFI Invest Asset Management raised its stake in Parker-Hannifin Corporation (NYSE:PH) by 109.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 92,068 shares of the industrial products company’s stock after acquiring an additional 48,124 shares during the quarter. Parker-Hannifin makes up approximately 0.9% of OFI Invest Asset Management’s investment portfolio, making the stock its 27th largest position. OFI Invest Asset Management’s holdings in Parker-Hannifin were worth $90,054,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of PH. Fideuram Asset Management Ireland dac purchased a new stake in Parker-Hannifin during the fourth quarter worth $1,253,000. Truist Financial Corp raised its position in shares of Parker-Hannifin by 2.7% in the fourth quarter. Truist Financial Corp now owns 174,852 shares of the industrial products company’s stock worth $153,687,000 after acquiring an additional 4,673 shares during the period. Shepherd Street Advisors LLC purchased a new stake in shares of Parker-Hannifin during the 4th quarter worth about $1,736,000. Jefferies Financial Group Inc. acquired a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $11,434,000. Finally, Horizon Investments LLC grew its position in shares of Parker-Hannifin by 78.8% during the 4th quarter. Horizon Investments LLC now owns 8,829 shares of the industrial products company’s stock valued at $7,760,000 after acquiring an additional 3,892 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Sanford C. Bernstein reiterated an “outperform” rating and set a $1,037.00 price target on shares of Parker-Hannifin in a research report on Thursday, July 16th. Wells Fargo & Company dropped their price target on Parker-Hannifin from $980.00 to $950.00 and set an “overweight” rating for the company in a research report on Tuesday, May 26th. JPMorgan Chase & Co. reduced their price objective on Parker-Hannifin from $1,100.00 to $1,060.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Mizuho set a $1,050.00 price objective on Parker-Hannifin in a report on Friday, May 1st. Finally, Truist Financial upped their target price on shares of Parker-Hannifin from $1,269.00 to $1,358.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Eighteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,091.38.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $1,056.98 on Friday. The business’s 50 day moving average price is $967.88 and its 200 day moving average price is $944.74. The company has a market cap of $133.27 billion, a price-to-earnings ratio of 37.10, a PEG ratio of 2.79 and a beta of 1.12. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.74 and a current ratio of 1.26. Parker-Hannifin Corporation has a one year low of $715.37 and a one year high of $1,099.94.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, August 6th. The industrial products company reported $9.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.31 by $0.96. Parker-Hannifin had a return on equity of 28.48% and a net margin of 16.97%.The company had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.57 billion. During the same quarter last year, the firm earned $7.69 earnings per share. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. On average, research analysts predict that Parker-Hannifin Corporation will post 34.88 EPS for the current year.

Parker-Hannifin Company 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.