Great Valley Advisor Group Inc. Has $702,000 Position in Parker-Hannifin Co. (NYSE:PH)

Great Valley Advisor Group Inc. reduced its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 11.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,388 shares of the industrial products company’s stock after selling 180 shares during the quarter. Great Valley Advisor Group Inc.’s holdings in Parker-Hannifin were worth $702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Parker-Hannifin by 1.0% in the first quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock valued at $5,872,694,000 after acquiring an additional 105,475 shares during the last quarter. Norges Bank bought a new stake in shares of Parker-Hannifin during the fourth quarter worth approximately $665,188,000. Boston Partners lifted its holdings in Parker-Hannifin by 4.1% in the first quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock valued at $617,878,000 after buying an additional 43,535 shares during the period. AMF Tjanstepension AB boosted its stake in Parker-Hannifin by 23.0% in the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after acquiring an additional 141,862 shares during the last quarter. Finally, Baird Financial Group Inc. grew its holdings in Parker-Hannifin by 3.7% during the 4th quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock worth $320,173,000 after acquiring an additional 25,060 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a report on Friday, August 9th. Wells Fargo & Company increased their price objective on shares of Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. Robert W. Baird lifted their target price on Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a research report on Friday, August 9th. Truist Financial reissued a “buy” rating and set a $673.00 price target (up from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. Finally, Bank of America boosted their price target on Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $615.43.

Parker-Hannifin Stock Performance

Parker-Hannifin stock traded up $5.13 during midday trading on Wednesday, hitting $576.66. The stock had a trading volume of 309,755 shares, compared to its average volume of 667,069. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $74.12 billion, a PE ratio of 27.13, a P/E/G ratio of 1.98 and a beta of 1.44. The firm’s fifty day moving average is $528.06 and its two-hundred day moving average is $533.41. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $579.25.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The firm had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter in the previous year, the firm posted $6.08 earnings per share. The company’s revenue was up 1.8% on a year-over-year basis. On average, research analysts forecast that Parker-Hannifin Co. will post 24.85 EPS for the current year.

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.