Red Spruce Capital LLC Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Red Spruce Capital LLC purchased a new position in Parker-Hannifin Co. (NYSE:PH) during the fourth quarter, Holdings Channel reports. The fund purchased 536 shares of the industrial products company’s stock, valued at approximately $341,000.

A number of other hedge funds also recently made changes to their positions in the stock. Franklin Resources Inc. raised its position in Parker-Hannifin by 39.2% during the third quarter. Franklin Resources Inc. now owns 645,516 shares of the industrial products company’s stock valued at $415,409,000 after purchasing an additional 181,859 shares in the last quarter. Wilkinson Global Asset Management LLC raised its holdings in shares of Parker-Hannifin by 59.1% during the 3rd quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company’s stock valued at $24,700,000 after buying an additional 14,526 shares in the last quarter. Banco Santander S.A. lifted its position in Parker-Hannifin by 11.9% in the 3rd quarter. Banco Santander S.A. now owns 14,478 shares of the industrial products company’s stock worth $9,147,000 after buying an additional 1,544 shares during the last quarter. FMR LLC lifted its position in Parker-Hannifin by 7.1% in the 3rd quarter. FMR LLC now owns 4,116,257 shares of the industrial products company’s stock worth $2,600,733,000 after buying an additional 272,531 shares during the last quarter. Finally, Ritholtz Wealth Management grew its position in Parker-Hannifin by 88.4% during the third quarter. Ritholtz Wealth Management now owns 1,473 shares of the industrial products company’s stock valued at $931,000 after acquiring an additional 691 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Trading Up 1.2 %

Parker-Hannifin stock opened at $677.71 on Wednesday. Parker-Hannifin Co. has a 12 month low of $463.16 and a 12 month high of $712.42. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The business’s fifty day simple moving average is $670.20 and its two-hundred day simple moving average is $621.16. The company has a market capitalization of $87.23 billion, a price-to-earnings ratio of 30.61, a price-to-earnings-growth ratio of 2.74 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating the consensus estimate of $6.14 by $0.06. The company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the firm earned $5.96 earnings per share. As a group, equities analysts predict that Parker-Hannifin Co. will post 26.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PH shares. Argus boosted their price objective on shares of Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. KeyCorp increased their price target on shares of Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Barclays boosted their price objective on shares of Parker-Hannifin from $703.00 to $800.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Wolfe Research upgraded shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 target price for the company in a report on Thursday, December 12th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $722.94.

Insider Buying and Selling

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,430 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total value of $1,703,818.80. Following the completion of the transaction, the vice president now directly owns 5,465 shares in the company, valued at $3,831,839.40. This represents a 30.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Joseph R. Leonti sold 5,877 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the transaction, the vice president now directly owns 15,350 shares of the company’s stock, valued at $9,686,464. The trade was a 27.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,077 shares of company stock valued at $12,303,829 over the last 90 days. Company insiders own 0.39% of the company’s stock.

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.