Sandy Spring Bank Increases Stock Position in Parker-Hannifin Co. (NYSE:PH)

Posted by Defense World Staff on Aug 8th, 2023

Parker-Hannifin logo Sandy Spring Bank lifted its holdings in shares of Parker-Hannifin Co. (NYSE:PH – Free Report) by 72.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 216 shares of the industrial products company’s stock after buying an additional 91 shares during the quarter. Sandy Spring Bank’s holdings in Parker-Hannifin were worth $73,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. AE Wealth Management LLC lifted its stake in Parker-Hannifin by 26.4% in the 4th quarter. AE Wealth Management LLC now owns 10,876 shares of the industrial products company’s stock worth $3,165,000 after purchasing an additional 2,273 shares in the last quarter. ZWJ Investment Counsel Inc. purchased a new stake in Parker-Hannifin during the 1st quarter valued at $202,000. Brown Advisory Inc. lifted its position in shares of Parker-Hannifin by 17.5% in the 4th quarter. Brown Advisory Inc. now owns 62,151 shares of the industrial products company’s stock worth $18,086,000 after purchasing an additional 9,271 shares during the period. HighTower Advisors LLC lifted its position in shares of Parker-Hannifin by 18.9% in the 4th quarter. HighTower Advisors LLC now owns 88,744 shares of the industrial products company’s stock worth $25,817,000 after purchasing an additional 14,116 shares during the period. Finally, Commonwealth Equity Services LLC lifted its position in shares of Parker-Hannifin by 15.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 24,302 shares of the industrial products company’s stock worth $7,072,000 after purchasing an additional 3,176 shares during the period. 81.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Parker-Hannifin

In related news, VP William R. Bowman sold 2,403 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $357.65, for a total value of $859,432.95. Following the completion of the transaction, the vice president now directly owns 11,152 shares of the company’s stock, valued at approximately $3,988,512.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP William R. Bowman sold 2,403 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $357.65, for a total value of $859,432.95. Following the transaction, the vice president now owns 11,152 shares in the company, valued at approximately $3,988,512.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Thomas C. Gentile sold 1,759 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $352.94, for a total transaction of $620,821.46. Following the sale, the vice president now directly owns 5,465 shares in the company, valued at approximately $1,928,817.10. The disclosure for this sale can be found here. Insiders own 1.37% of the company’s stock.

Parker-Hannifin Trading Up 2.6 %

NYSE PH opened at $424.94 on Tuesday. The company’s 50-day moving average price is $379.78 and its 200-day moving average price is $348.42. The company has a current ratio of 0.88, a quick ratio of 0.51 and a debt-to-equity ratio of 0.85. The stock has a market cap of $54.57 billion, a PE ratio of 26.56, a PEG ratio of 1.56 and a beta of 1.52. Parker-Hannifin Co. has a 12 month low of $235.69 and a 12 month high of $425.88.

Parker-Hannifin (NYSE:PH – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The industrial products company reported $6.08 earnings per share for the quarter, topping analysts’ consensus estimates of $5.48 by $0.60. Parker-Hannifin had a net margin of 10.93% and a return on equity of 29.26%. The company had revenue of $5.10 billion during the quarter, compared to analyst estimates of $5.01 billion. During the same period in the prior year, the firm earned $5.16 earnings per share. The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year. Equities research analysts forecast that Parker-Hannifin Co. will post 22.5 earnings per share for the current year.

Analysts Set New Price Targets

PH has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price target on shares of Parker-Hannifin from $380.00 to $425.00 in a research report on Monday, July 10th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Parker-Hannifin from $322.00 to $344.00 and gave the company a “hold” rating in a research note on Wednesday, April 12th. Stifel Nicolaus raised their price objective on shares of Parker-Hannifin from $383.00 to $446.00 in a research note on Friday, July 14th. Morgan Stanley raised their price objective on shares of Parker-Hannifin from $408.00 to $448.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, BMO Capital Markets lifted their price target on shares of Parker-Hannifin from $390.00 to $405.00 in a research note on Tuesday, May 9th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $434.57.

Get Our Latest Stock Analysis on PH

Parker-Hannifin Profile

(Free Report)

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; 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; control solutions for extreme corrosion resistance, temperatures, pressures, and precise flow; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.