Howard Capital Management Group LLC Makes New $23.39 Million Investment in Parker-Hannifin Co. (NYSE:PH)

Howard Capital Management Group LLC bought a new stake in shares of Parker-Hannifin Co. (NYSE:PH) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 36,775 shares of the industrial products company’s stock, valued at approximately $23,390,000. Parker-Hannifin accounts for about 1.6% of Howard Capital Management Group LLC’s portfolio, making the stock its 27th largest holding.

Other large investors also recently modified their holdings of the company. Pacer Advisors Inc. boosted its position in Parker-Hannifin by 3.6% during the second quarter. Pacer Advisors Inc. now owns 10,377 shares of the industrial products company’s stock worth $5,249,000 after purchasing an additional 357 shares during the period. Ensign Peak Advisors Inc boosted its holdings in shares of Parker-Hannifin by 2.9% in the second quarter. Ensign Peak Advisors Inc now owns 24,918 shares of the industrial products company’s stock worth $12,604,000 after acquiring an additional 710 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Parker-Hannifin by 7.0% in the second quarter. ProShare Advisors LLC now owns 20,137 shares of the industrial products company’s stock worth $10,185,000 after acquiring an additional 1,323 shares during the period. Gabelli Funds LLC raised its stake in shares of Parker-Hannifin by 0.3% during the 2nd quarter. Gabelli Funds LLC now owns 13,704 shares of the industrial products company’s stock valued at $6,932,000 after purchasing an additional 44 shares during the period. Finally, Evergreen Capital Management LLC lifted its holdings in Parker-Hannifin by 3.3% during the 2nd quarter. Evergreen Capital Management LLC now owns 692 shares of the industrial products company’s stock worth $350,000 after purchasing an additional 22 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Buying and Selling

In related news, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the transaction, the chief executive officer now directly owns 33,607 shares in the company, valued at approximately $23,682,516.83. The trade was a 12.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,077 shares of company stock valued at $12,303,829 over the last ninety days. 0.39% of the stock is owned by insiders.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $677.71 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. Parker-Hannifin Co. has a fifty-two week low of $463.16 and a fifty-two week high of $712.42. The company has a market capitalization of $87.23 billion, a P/E ratio of 30.61, a PEG ratio of 2.74 and a beta of 1.45. The stock has a 50 day moving average price of $670.20 and a two-hundred day moving average price of $621.16.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the prior year, the company posted $5.96 EPS. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. Analysts expect that Parker-Hannifin Co. will post 26.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PH shares. Jefferies Financial Group lifted their target price on Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a report on Friday, December 6th. Truist Financial boosted their price objective on shares of Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. UBS Group started coverage on shares of Parker-Hannifin in a report on Wednesday, November 13th. They set a “buy” rating and a $842.00 target price on the stock. Robert W. Baird raised their price target on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, TD Cowen lifted their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $722.94.

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.