The Manufacturers Life Insurance Company Has $78.10 Million Position in Parker-Hannifin Corporation $PH

The Manufacturers Life Insurance Company lessened its stake in Parker-Hannifin Corporation (NYSE:PH) by 4.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 87,239 shares of the industrial products company’s stock after selling 4,098 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Parker-Hannifin were worth $78,100,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KCM Investment Advisors LLC grew its holdings in shares of Parker-Hannifin by 2.4% during the 1st quarter. KCM Investment Advisors LLC now owns 2,885 shares of the industrial products company’s stock valued at $2,583,000 after acquiring an additional 67 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of Parker-Hannifin by 38.1% during the first quarter. Quantinno Capital Management LP now owns 66,906 shares of the industrial products company’s stock worth $59,898,000 after acquiring an additional 18,447 shares in the last quarter. SummitTX Capital L.P. raised its holdings in shares of Parker-Hannifin by 252.9% during the first quarter. SummitTX Capital L.P. now owns 14,091 shares of the industrial products company’s stock worth $12,615,000 after acquiring an additional 10,098 shares in the last quarter. Gateway Wealth Partners LLC acquired a new stake in Parker-Hannifin during the first quarter valued at $1,291,000. Finally, Bradley Foster & Sargent Inc. CT grew its stake in Parker-Hannifin by 2.0% in the first quarter. Bradley Foster & Sargent Inc. CT now owns 18,472 shares of the industrial products company’s stock valued at $16,537,000 after purchasing an additional 370 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $951.84 on Thursday. Parker-Hannifin Corporation has a fifty-two week low of $692.02 and a fifty-two week high of $1,034.96. The business has a 50-day moving average of $929.50 and a two-hundred day moving average of $937.50. The stock has a market capitalization of $120.01 billion, a P/E ratio of 35.11, a P/E/G ratio of 2.65 and a beta of 1.11. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.13 and a quick ratio of 0.66.

Parker-Hannifin (NYSE:PH) last issued 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 return on equity of 27.97% and a net margin of 16.58%.The business had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same quarter in the prior year, the firm posted $6.94 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities research analysts predict that Parker-Hannifin Corporation will post 31.26 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PH shares. Wall Street Zen lowered Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. Stifel Nicolaus lifted their price target on Parker-Hannifin from $965.00 to $1,000.00 and gave the company a “hold” rating in a report on Friday, April 10th. Citigroup restated a “buy” rating on shares of Parker-Hannifin in a report on Monday, June 8th. Truist Financial raised their price objective on shares of Parker-Hannifin from $1,147.00 to $1,269.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Finally, JPMorgan Chase & Co. reduced their target price on shares of 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. Eighteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,027.38.

About Parker-Hannifin

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.