Clearbridge Investments LLC Acquires 649 Shares of Parker-Hannifin Co. (NYSE:PH)

Clearbridge Investments LLC raised its stake in Parker-Hannifin Co. (NYSE:PH) by 32.4% in the 1st quarter, HoldingsChannel reports. The fund owned 2,650 shares of the industrial products company’s stock after buying an additional 649 shares during the quarter. Clearbridge Investments LLC’s holdings in Parker-Hannifin were worth $1,473,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new position in Parker-Hannifin in the 4th quarter worth approximately $665,188,000. Alphinity Investment Management Pty Ltd lifted its stake in shares of Parker-Hannifin by 42.2% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock valued at $521,861,000 after acquiring an additional 336,370 shares during the period. Kodai Capital Management LP acquired a new stake in Parker-Hannifin in the fourth quarter worth about $122,449,000. International Assets Investment Management LLC raised its holdings in Parker-Hannifin by 65,634.7% during the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after purchasing an additional 219,220 shares during the last quarter. Finally, Groupama Asset Managment acquired a new position in Parker-Hannifin during the 4th quarter valued at about $63,043,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

NYSE:PH traded up $4.95 during trading hours on Thursday, reaching $534.21. 45,849 shares of the company were exchanged, compared to its average volume of 656,540. The company has a market capitalization of $68.67 billion, a P/E ratio of 24.94, a P/E/G ratio of 2.11 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. The business has a 50 day moving average of $524.36 and a 200 day moving average of $525.03. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $570.15.

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

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Argus lifted their price target on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Raymond James assumed coverage on Parker-Hannifin in a research report on Friday, June 28th. They issued an “outperform” rating and a $610.00 price target on the stock. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their price objective for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Bank of America increased their target price on shares of Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Finally, Wells Fargo & Company decreased their target price on shares of Parker-Hannifin from $630.00 to $600.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $576.27.

Parker-Hannifin 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.