SouthState Corp Has $19.91 Million Position in Parker-Hannifin Corporation (NYSE:PH)

SouthState Corp increased its stake in shares of Parker-Hannifin Corporation (NYSE:PH) by 5.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,753 shares of the industrial products company’s stock after buying an additional 1,816 shares during the quarter. SouthState Corp’s holdings in Parker-Hannifin were worth $19,909,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. First Manhattan CO. LLC. boosted its holdings in shares of Parker-Hannifin by 1.0% in the 4th quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company’s stock valued at $1,005,000 after purchasing an additional 15 shares in the last quarter. Becker Capital Management Inc. boosted its holdings in shares of Parker-Hannifin by 3.4% during the 4th quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company’s stock valued at $307,000 after acquiring an additional 16 shares in the last quarter. Nicolet Advisory Services LLC grew its position in Parker-Hannifin by 3.5% during the 1st quarter. Nicolet Advisory Services LLC now owns 468 shares of the industrial products company’s stock worth $262,000 after acquiring an additional 16 shares during the last quarter. Citizens National Bank Trust Department grew its position in Parker-Hannifin by 8.5% during the 1st quarter. Citizens National Bank Trust Department now owns 217 shares of the industrial products company’s stock worth $132,000 after acquiring an additional 17 shares during the last quarter. Finally, Sunbelt Securities Inc. grew its position in Parker-Hannifin by 1.6% during the 1st quarter. Sunbelt Securities Inc. now owns 1,175 shares of the industrial products company’s stock worth $714,000 after acquiring an additional 18 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

PH stock opened at $727.68 on Friday. The stock has a 50-day moving average price of $697.59 and a 200-day moving average price of $656.35. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $745.34. The company has a current ratio of 1.19, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The firm has a market cap of $92.98 billion, a PE ratio of 26.83, a price-to-earnings-growth ratio of 3.11 and a beta of 1.37.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, August 7th. The industrial products company reported $7.69 earnings per share for the quarter, topping the consensus estimate of $7.08 by $0.61. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.79%. The firm had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.10 billion. During the same period last year, the company posted $6.77 EPS. The business’s quarterly revenue was up 1.1% on a year-over-year basis. As a group, equities research analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PH shares. Barclays restated an “overweight” rating and set a $776.00 price objective (up previously from $750.00) on shares of Parker-Hannifin in a research report on Friday. Argus set a $680.00 price objective on Parker-Hannifin in a research report on Tuesday, May 6th. Raymond James Financial boosted their price objective on Parker-Hannifin from $735.00 to $845.00 and gave the stock an “outperform” rating in a research report on Friday. Wells Fargo & Company boosted their price objective on Parker-Hannifin from $770.00 to $800.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Mizuho set a $785.00 price objective on Parker-Hannifin in a research report on Friday, May 16th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average target price of $763.00.

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.