Magnetar Financial LLC Has $3.31 Million Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Magnetar Financial LLC boosted its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 126.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,962 shares of the industrial products company’s stock after acquiring an additional 3,327 shares during the quarter. Magnetar Financial LLC’s holdings in Parker-Hannifin were worth $3,314,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. TD Asset Management Inc boosted its holdings in Parker-Hannifin by 152.1% in the first quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock valued at $73,493,000 after acquiring an additional 79,774 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in Parker-Hannifin by 8.5% during the first quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock worth $12,761,000 after buying an additional 1,802 shares during the last quarter. Sapient Capital LLC acquired a new position in Parker-Hannifin in the fourth quarter valued at $1,392,000. abrdn plc boosted its position in Parker-Hannifin by 57.8% during the fourth quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock valued at $25,247,000 after acquiring an additional 20,073 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Parker-Hannifin during the 4th quarter worth about $4,068,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PH. Truist Financial boosted their price objective on Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Raymond James assumed coverage on Parker-Hannifin in a report on Friday, June 28th. They set an “outperform” rating and a $610.00 price target on the stock. Mizuho upgraded shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $550.00 to $650.00 in a research note on Tuesday, May 28th. Wells Fargo & Company reduced their price target on shares of Parker-Hannifin from $630.00 to $600.00 and set an “overweight” rating for the company in a report on Wednesday, July 10th. Finally, Stifel Nicolaus decreased their price target on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $576.27.

Parker-Hannifin Stock Up 1.7 %

Shares of PH stock traded up $9.48 during trading hours on Friday, reaching $554.61. The company had a trading volume of 544,023 shares, compared to its average volume of 766,415. The business has a fifty day simple moving average of $524.66 and a 200-day simple moving average of $526.32. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $570.15. The company has a market cap of $71.29 billion, a price-to-earnings ratio of 26.14, a price-to-earnings-growth ratio of 2.12 and a beta of 1.44. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The firm had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the previous year, the firm earned $5.93 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, research analysts expect that Parker-Hannifin Co. will post 24.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the transaction, the vice president now owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the sale, the vice president now owns 1,137 shares of the company’s stock, valued at $609,989.13. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Berend Bracht sold 1,079 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the transaction, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by insiders.

Parker-Hannifin Company Profile

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 ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.