Castleark Management LLC increased its stake in Parker-Hannifin Corporation (NYSE:PH) by 32.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 226,982 shares of the industrial products company’s stock after acquiring an additional 55,671 shares during the period. Parker-Hannifin Corporation makes up approximately 1.2% of Castleark Management LLC’s investment portfolio, making the stock its 11th biggest position. Castleark Management LLC owned 0.17% of Parker-Hannifin Corporation worth $36,276,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Parker-Hannifin Corporation by 1.0% in the second quarter. Vanguard Group Inc. now owns 8,746,514 shares of the industrial products company’s stock worth $1,397,867,000 after acquiring an additional 90,732 shares in the last quarter. BlackRock Inc. grew its position in Parker-Hannifin Corporation by 3.6% in the second quarter. BlackRock Inc. now owns 8,464,358 shares of the industrial products company’s stock worth $1,352,775,000 after acquiring an additional 298,047 shares in the last quarter. Jennison Associates LLC grew its position in Parker-Hannifin Corporation by 28.5% in the second quarter. Jennison Associates LLC now owns 6,026,440 shares of the industrial products company’s stock worth $963,146,000 after acquiring an additional 1,336,541 shares in the last quarter. Longview Partners Guernsey LTD grew its position in Parker-Hannifin Corporation by 7.6% in the second quarter. Longview Partners Guernsey LTD now owns 5,134,958 shares of the industrial products company’s stock worth $820,669,000 after acquiring an additional 362,076 shares in the last quarter. Finally, TIAA CREF Investment Management LLC grew its position in Parker-Hannifin Corporation by 10.2% in the second quarter. TIAA CREF Investment Management LLC now owns 2,104,347 shares of the industrial products company’s stock worth $336,317,000 after acquiring an additional 194,858 shares in the last quarter. Institutional investors own 79.72% of the company’s stock.
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Several research analysts recently commented on PH shares. ValuEngine upgraded Parker-Hannifin Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. BidaskClub upgraded Parker-Hannifin Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, June 21st. Jefferies Group LLC set a $163.00 target price on Parker-Hannifin Corporation and gave the company a “hold” rating in a research report on Wednesday, June 28th. Stifel Nicolaus restated a “buy” rating and set a $176.00 target price on shares of Parker-Hannifin Corporation in a research report on Thursday, July 6th. Finally, Wolfe Research started coverage on Parker-Hannifin Corporation in a research report on Tuesday, July 11th. They set an “outperform” rating and a $182.00 target price for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $177.18.
Shares of Parker-Hannifin Corporation (PH) traded down 0.04% during trading on Wednesday, reaching $177.43. 175,396 shares of the company were exchanged. The firm has a 50-day moving average price of $168.74 and a 200-day moving average price of $162.03. The stock has a market capitalization of $23.63 billion, a P/E ratio of 24.47 and a beta of 1.42. Parker-Hannifin Corporation has a 1-year low of $118.77 and a 1-year high of $178.50.
Parker-Hannifin Corporation (NYSE:PH) last announced its quarterly earnings results on Thursday, August 3rd. The industrial products company reported $2.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.52 billion. During the same period last year, the business earned $1.90 EPS. Parker-Hannifin Corporation’s revenue for the quarter was up 18.2% compared to the same quarter last year. Equities research analysts predict that Parker-Hannifin Corporation will post $9.10 earnings per share for the current fiscal year.
In other news, VP Martin C. Maxwell sold 2,640 shares of Parker-Hannifin Corporation stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $165.67, for a total value of $437,368.80. Following the sale, the vice president now owns 31,718 shares of the company’s stock, valued at $5,254,721.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Joseph R. Leonti sold 408 shares of Parker-Hannifin Corporation stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $160.70, for a total transaction of $65,565.60. Following the completion of the sale, the vice president now directly owns 7,318 shares in the company, valued at approximately $1,176,002.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,389 shares of company stock worth $878,913. 1.12% of the stock is currently owned by company insiders.
Parker-Hannifin Corporation Profile
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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