Swedbank AB Makes New $20.14 Million Investment in Parker-Hannifin Co. (NYSE:PH)

Swedbank AB purchased a new position in shares of Parker-Hannifin Co. (NYSE:PH) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 36,236 shares of the industrial products company’s stock, valued at approximately $20,140,000.

A number of other large investors also recently made changes to their positions in the business. Sachetta LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth $25,000. Wetzel Investment Advisors Inc. acquired a new stake in Parker-Hannifin in the 4th quarter valued at $26,000. First United Bank & Trust acquired a new stake in Parker-Hannifin in the 4th quarter valued at $29,000. Harbor Investment Advisory LLC increased its holdings in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 20 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Parker-Hannifin in the 4th quarter valued at $30,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Down 3.0 %

PH stock traded down $16.03 during mid-day trading on Friday, hitting $518.51. The stock had a trading volume of 692,753 shares, compared to its average volume of 693,356. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $570.15. The company has a fifty day moving average of $524.99 and a 200 day moving average of $528.70. The stock has a market capitalization of $66.65 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 2.04 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data 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. The business had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.93 EPS. On average, equities analysts expect that Parker-Hannifin Co. will post 24.85 EPS for the current fiscal year.

Insider Activity

In related news, VP Berend Bracht sold 1,079 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the sale, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.03% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PH shares. Mizuho raised shares of 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 research report on Tuesday, May 28th. Truist Financial increased their price target on shares of Parker-Hannifin from $611.00 to $621.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Raymond James assumed coverage on shares of Parker-Hannifin in a research report on Friday, June 28th. They set an “outperform” rating and a $610.00 price target on the stock. KeyCorp increased their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Finally, Argus increased 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. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.