The Kornitzer Capital Management Inc. KS Maintains Position in Parker-Hannifin Corp. (PH)

The Kornitzer Capital Management Inc. KS Maintains Position in Parker-Hannifin Corp. (PH)

Kornitzer Capital Management Inc. KS continued to hold its stake in Parker-Hannifin Corp. (NYSE:PH) during the second quarter, Holdings Channel reports. The firm owned 148,135 shares of the company’s stock at the end of the second quarter. Kornitzer Capital Management Inc. KS’s holdings in Parker-Hannifin Corp. were worth $16,006,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PH. NN Investment Partners Holdings N.V. bought a new stake in shares of Parker-Hannifin Corp. during the first quarter worth $101,000. Checchi Capital Advisers LLC boosted its stake in shares of Parker-Hannifin Corp. by 1.9% in the second quarter. Checchi Capital Advisers LLC now owns 1,653 shares of the company’s stock worth $179,000 after buying an additional 31 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Parker-Hannifin Corp. during the second quarter worth $222,000. Fox Run Management L.L.C. bought a new stake in shares of Parker-Hannifin Corp. during the second quarter worth $238,000. Finally, Advisor Partners LLC bought a new stake in shares of Parker-Hannifin Corp. during the first quarter worth $258,000. Institutional investors and hedge funds own 80.75% of the company’s stock.

Parker-Hannifin Corp. (NYSE:PH) traded up 0.91% during midday trading on Friday, hitting $124.54. The stock had a trading volume of 782,443 shares. Parker-Hannifin Corp. has a 52 week low of $83.32 and a 52 week high of $128.24. The stock has a market capitalization of $16.68 billion, a price-to-earnings ratio of 21.14 and a beta of 1.49. The company’s 50 day moving average price is $123.39 and its 200-day moving average price is $116.08.

Parker-Hannifin Corp. (NYSE:PH) last issued its quarterly earnings results on Thursday, August 4th. The company reported $1.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.75 by $0.15. Parker-Hannifin Corp. had a return on equity of 18.37% and a net margin of 7.10%. The company had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same quarter last year, the company posted $1.73 EPS. The company’s revenue for the quarter was down 6.0% compared to the same quarter last year. Equities analysts anticipate that Parker-Hannifin Corp. will post $6.80 earnings per share for the current fiscal year.

A number of analysts have weighed in on the company. Goldman Sachs Group Inc. upped their price target on Parker-Hannifin Corp. from $91.00 to $101.00 and gave the company a “sell” rating in a research report on Friday, August 5th. Citigroup Inc. upped their price target on Parker-Hannifin Corp. from $115.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, August 5th. Argus reiterated a “neutral” rating on shares of Parker-Hannifin Corp. in a research report on Thursday, August 18th. Zacks Investment Research upgraded Parker-Hannifin Corp. from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a report on Tuesday, October 4th. Finally, Morgan Stanley set a $108.00 target price on Parker-Hannifin Corp. and gave the stock a “hold” rating in a report on Friday, August 5th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Parker-Hannifin Corp. presently has an average rating of “Hold” and a consensus target price of $117.88.

In related news, VP Catherine A. Suever sold 1,019 shares of the business’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $123.29, for a total transaction of $125,632.51. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Martin C. Maxwell sold 893 shares of the business’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $120.62, for a total value of $107,713.66. Following the sale, the vice president now owns 39,451 shares in the company, valued at approximately $4,758,579.62. The disclosure for this sale can be found here. 2.73% of the stock is owned by insiders.

Parker-Hannifin Corp. Company Profile

Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.

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