Norges Bank Takes Position in Parker-Hannifin Corp (PH)

Norges Bank purchased a new stake in shares of Parker-Hannifin Corp (NYSE:PH) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,400,093 shares of the industrial products company’s stock, valued at approximately $357,950,000. Norges Bank owned about 1.86% of Parker-Hannifin at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. First Mercantile Trust Co. raised its holdings in shares of Parker-Hannifin by 58.3% in the fourth quarter. First Mercantile Trust Co. now owns 190 shares of the industrial products company’s stock worth $28,000 after buying an additional 70 shares during the period. JOYN Advisors Inc. raised its holdings in shares of Parker-Hannifin by 42.9% in the fourth quarter. JOYN Advisors Inc. now owns 250 shares of the industrial products company’s stock worth $37,000 after buying an additional 75 shares during the period. Belpointe Asset Management LLC raised its holdings in shares of Parker-Hannifin by 1.1% in the third quarter. Belpointe Asset Management LLC now owns 7,087 shares of the industrial products company’s stock worth $1,304,000 after buying an additional 77 shares during the period. CNB Bank raised its holdings in shares of Parker-Hannifin by 39.3% in the fourth quarter. CNB Bank now owns 273 shares of the industrial products company’s stock worth $41,000 after buying an additional 77 shares during the period. Finally, Greenwich Wealth Management LLC raised its holdings in shares of Parker-Hannifin by 0.3% in the fourth quarter. Greenwich Wealth Management LLC now owns 24,455 shares of the industrial products company’s stock worth $3,647,000 after buying an additional 77 shares during the period. 81.38% of the stock is owned by institutional investors.

PH has been the topic of several recent analyst reports. Barclays reduced their price target on Parker-Hannifin from $180.00 to $173.00 and set an “overweight” rating on the stock in a report on Monday, January 7th. Robert W. Baird set a $180.00 price target on Parker-Hannifin and gave the stock a “buy” rating in a report on Saturday, February 2nd. Stifel Nicolaus downgraded Parker-Hannifin from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $181.00 to $171.00 in a report on Friday, February 1st. Morgan Stanley set a $172.00 price objective on Parker-Hannifin and gave the stock a “hold” rating in a report on Saturday, February 2nd. Finally, Zacks Investment Research downgraded Parker-Hannifin from a “hold” rating to a “sell” rating in a report on Wednesday, January 16th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. Parker-Hannifin currently has an average rating of “Hold” and a consensus target price of $182.00.

In related news, VP Roger S. Sherrard sold 2,040 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $171.80, for a total value of $350,472.00. Following the completion of the transaction, the vice president now owns 62,620 shares in the company, valued at approximately $10,758,116. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Andrew M. Weeks sold 4,520 shares of the firm’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $176.70, for a total value of $798,684.00. The disclosure for this sale can be found here. Insiders sold a total of 10,445 shares of company stock valued at $1,814,218 in the last three months. Insiders own 1.12% of the company’s stock.

NYSE PH traded up $1.77 during midday trading on Friday, hitting $189.92. 477,384 shares of the company traded hands, compared to its average volume of 831,075. The company has a current ratio of 1.52, a quick ratio of 1.01 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $24.57 billion, a PE ratio of 18.23, a price-to-earnings-growth ratio of 1.78 and a beta of 1.46. Parker-Hannifin Corp has a 52 week low of $140.82 and a 52 week high of $193.19.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, January 31st. The industrial products company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.10. The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.45 billion. Parker-Hannifin had a return on equity of 25.82% and a net margin of 9.69%. During the same quarter last year, the firm earned $2.15 EPS. On average, equities analysts predict that Parker-Hannifin Corp will post 11.65 earnings per share for the current fiscal year.

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About Parker-Hannifin

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.

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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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