Fortitude Family Office LLC Acquires 52 Shares of Parker-Hannifin Co. (NYSE:PH)

Fortitude Family Office LLC increased its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 346.7% during the second quarter, HoldingsChannel reports. The firm owned 67 shares of the industrial products company’s stock after buying an additional 52 shares during the period. Fortitude Family Office LLC’s holdings in Parker-Hannifin were worth $34,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Valeo Financial Advisors LLC lifted its holdings in shares of Parker-Hannifin by 1.8% during the second quarter. Valeo Financial Advisors LLC now owns 1,684 shares of the industrial products company’s stock valued at $852,000 after purchasing an additional 30 shares in the last quarter. Aprio Wealth Management LLC lifted its holdings in shares of Parker-Hannifin by 20.3% during the second quarter. Aprio Wealth Management LLC now owns 497 shares of the industrial products company’s stock valued at $251,000 after purchasing an additional 84 shares in the last quarter. PFW Advisors LLC lifted its holdings in shares of Parker-Hannifin by 3.3% during the second quarter. PFW Advisors LLC now owns 1,309 shares of the industrial products company’s stock valued at $662,000 after purchasing an additional 42 shares in the last quarter. CWM LLC lifted its holdings in shares of Parker-Hannifin by 9.0% during the second quarter. CWM LLC now owns 4,017 shares of the industrial products company’s stock valued at $2,032,000 after purchasing an additional 330 shares in the last quarter. Finally, AMF Tjanstepension AB lifted its holdings in shares of Parker-Hannifin by 23.0% during the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded up $55.53 during trading on Thursday, hitting $568.03. 1,418,144 shares of the company’s stock were exchanged, compared to its average volume of 668,769. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $570.15. The business’s 50-day simple moving average is $524.15 and its 200 day simple moving average is $530.20. The company has a market cap of $73.02 billion, a price-to-earnings ratio of 26.73, a PEG ratio of 2.04 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter last year, the business posted $6.08 earnings per share. The firm’s revenue was up 1.8% on a year-over-year basis. As a group, equities analysts predict that Parker-Hannifin Co. will post 24.85 EPS for the current year.

Wall Street Analysts Forecast Growth

PH has been the subject of a number of research reports. Barclays reduced their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Bank of America upped their price objective on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, May 17th. KeyCorp upped their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Truist Financial upped their price objective on Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Finally, Stifel Nicolaus reduced their price objective on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $594.69.

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.