Front Street Capital Management Inc. Sells 640 Shares of Parker-Hannifin Corporation $PH

Front Street Capital Management Inc. cut its holdings in Parker-Hannifin Corporation (NYSE:PH) by 9.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,417 shares of the industrial products company’s stock after selling 640 shares during the quarter. Parker-Hannifin comprises approximately 0.7% of Front Street Capital Management Inc.’s holdings, making the stock its 29th largest position. Front Street Capital Management Inc.’s holdings in Parker-Hannifin were worth $5,745,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Texas Capital Bancshares Inc TX bought a new position in shares of Parker-Hannifin during the 3rd quarter valued at $25,000. HFM Investment Advisors LLC boosted its holdings in Parker-Hannifin by 1,000.0% in the fourth quarter. HFM Investment Advisors LLC now owns 33 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 30 shares in the last quarter. Lloyd Advisory Services LLC. bought a new stake in Parker-Hannifin in the fourth quarter worth $31,000. NFSG Corp increased its position in Parker-Hannifin by 94.4% during the first quarter. NFSG Corp now owns 35 shares of the industrial products company’s stock worth $31,000 after buying an additional 17 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC increased its position in Parker-Hannifin by 80.0% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 36 shares of the industrial products company’s stock worth $32,000 after buying an additional 16 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on PH shares. Truist Financial boosted their price target on Parker-Hannifin from $1,147.00 to $1,269.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Wall Street Zen lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. JPMorgan Chase & Co. reduced their price target on shares of Parker-Hannifin from $1,100.00 to $1,060.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. Mizuho set a $1,050.00 price target on shares of Parker-Hannifin in a research report on Friday, May 1st. Finally, Wells Fargo & Company lowered their price objective on Parker-Hannifin from $980.00 to $950.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 26th. Eighteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average target price of $1,027.38.

Parker-Hannifin Stock Up 1.4%

Shares of NYSE PH opened at $964.01 on Friday. Parker-Hannifin Corporation has a 52-week low of $692.02 and a 52-week high of $1,034.96. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.66 and a current ratio of 1.13. The business has a fifty day moving average of $931.48 and a two-hundred day moving average of $937.80. The stock has a market cap of $121.55 billion, a PE ratio of 35.56, a PEG ratio of 2.54 and a beta of 1.11.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, April 30th. The industrial products company reported $8.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.84 by $0.33. The business had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.40 billion. Parker-Hannifin had a net margin of 16.58% and a return on equity of 27.97%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $6.94 EPS. As a group, equities research analysts expect that Parker-Hannifin Corporation will post 31.26 earnings per share for the current fiscal 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.