Pacific Heights Asset Management LLC Makes New Investment in Parker-Hannifin Corporation $PH

Pacific Heights Asset Management LLC acquired a new position in Parker-Hannifin Corporation (NYSE:PH) in the second quarter, Holdings Channel.com reports. The firm acquired 65,000 shares of the industrial products company’s stock, valued at approximately $63,578,000. Parker-Hannifin accounts for approximately 2.0% of Pacific Heights Asset Management LLC’s investment portfolio, making the stock its 10th biggest position.

Other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in Parker-Hannifin in the 2nd quarter worth approximately $10,163,362,000. Bank of America Corp DE bought a new position in Parker-Hannifin during the second quarter valued at approximately $3,273,507,000. Norges Bank purchased a new position in shares of Parker-Hannifin during the fourth quarter worth approximately $1,756,230,000. Deutsche Bank AG purchased a new position in shares of Parker-Hannifin during the second quarter worth approximately $987,587,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Parker-Hannifin in the 2nd quarter worth approximately $712,222,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Performance

NYSE:PH opened at $1,010.69 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.74 and a current ratio of 1.26. Parker-Hannifin Corporation has a fifty-two week low of $715.37 and a fifty-two week high of $1,099.94. The firm has a market cap of $127.40 billion, a PE ratio of 35.48, a price-to-earnings-growth ratio of 2.71 and a beta of 1.12. The business has a 50 day moving average price of $990.89 and a 200-day moving average price of $950.16.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, August 6th. The industrial products company reported $9.27 EPS for the quarter, topping the consensus estimate of $8.31 by $0.96. The company had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.57 billion. Parker-Hannifin had a net margin of 16.97% and a return on equity of 28.48%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm earned $7.69 earnings per share. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. Equities research analysts predict that Parker-Hannifin Corporation will post 34.93 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Monday, August 31st will be given a $2.00 dividend. The ex-dividend date is Monday, August 31st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 0.8%. Parker-Hannifin’s payout ratio is presently 28.08%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. UBS Group upped their price objective on shares of Parker-Hannifin from $1,092.00 to $1,250.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Wall Street Zen downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Evercore set a $1,064.00 price target on shares of Parker-Hannifin in a research report on Monday, May 11th. Mizuho set a $1,050.00 price objective on Parker-Hannifin in a research note on Friday, May 1st. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $1,214.00 price objective on shares of Parker-Hannifin in a report on Friday, August 7th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,100.00.

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.