Wedge Capital Management L L P NC Grows Stock Position in Parker-Hannifin Corporation $PH

Wedge Capital Management L L P NC grew its position in Parker-Hannifin Corporation (NYSE:PH) by 17.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,854 shares of the industrial products company’s stock after acquiring an additional 2,201 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Parker-Hannifin were worth $14,529,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PH. Fideuram Asset Management Ireland dac bought a new position in shares of Parker-Hannifin during the fourth quarter valued at about $1,253,000. Truist Financial Corp increased its position in shares of Parker-Hannifin by 2.7% during the fourth quarter. Truist Financial Corp now owns 174,852 shares of the industrial products company’s stock valued at $153,687,000 after buying an additional 4,673 shares during the period. BCS Wealth Management lifted its holdings in Parker-Hannifin by 83.3% in the fourth quarter. BCS Wealth Management now owns 3,120 shares of the industrial products company’s stock worth $2,742,000 after buying an additional 1,418 shares during the period. Shepherd Street Advisors LLC purchased a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $1,736,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of Parker-Hannifin in the 4th quarter worth approximately $11,434,000. 82.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on PH. Citigroup upped their price target on Parker-Hannifin from $1,141.00 to $1,232.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. UBS Group lifted their price target on shares of Parker-Hannifin from $1,092.00 to $1,250.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Evercore set a $1,064.00 price objective on shares of Parker-Hannifin in a report on Monday, May 11th. BNP Paribas Exane reiterated an “outperform” rating and set a $1,220.00 target price (up from $1,090.00) on shares of Parker-Hannifin in a report on Friday, August 7th. Finally, Wells Fargo & Company reduced their price objective on Parker-Hannifin from $980.00 to $950.00 and set an “overweight” rating for the company in a research report on Tuesday, May 26th. Eighteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,091.38.

Parker-Hannifin Stock Performance

Shares of NYSE PH opened at $1,069.26 on Thursday. The firm has a 50 day moving average of $964.20 and a 200 day moving average of $943.82. The company has a current ratio of 1.26, a quick ratio of 0.74 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $134.82 billion, a price-to-earnings ratio of 37.53, a price-to-earnings-growth ratio of 2.77 and a beta of 1.12. Parker-Hannifin Corporation has a 12-month low of $715.37 and a 12-month high of $1,099.94.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, August 6th. The industrial products company reported $9.27 earnings per share for the quarter, topping the consensus estimate of $8.31 by $0.96. Parker-Hannifin had a net margin of 16.97% and a return on equity of 28.48%. The business had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same period last year, the firm earned $7.69 earnings per share. The company’s quarterly revenue was up 9.8% on a year-over-year basis. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. On average, research analysts anticipate that Parker-Hannifin Corporation will post 34.88 earnings per share for the current year.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.