Bank of Nova Scotia Cuts Holdings in Parker-Hannifin Corporation $PH

Bank of Nova Scotia lessened its stake in Parker-Hannifin Corporation (NYSE:PH) by 17.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,678 shares of the industrial products company’s stock after selling 6,562 shares during the quarter. Bank of Nova Scotia’s holdings in Parker-Hannifin were worth $27,464,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Parker-Hannifin by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 11,142,535 shares of the industrial products company’s stock worth $9,793,843,000 after purchasing an additional 33,606 shares in the last quarter. Bank of America Corp DE grew its position in shares of Parker-Hannifin by 0.6% in the fourth quarter. Bank of America Corp DE now owns 3,926,896 shares of the industrial products company’s stock valued at $3,451,584,000 after purchasing an additional 22,305 shares in the last quarter. Capital World Investors increased its holdings in shares of Parker-Hannifin by 0.6% in the fourth quarter. Capital World Investors now owns 2,600,844 shares of the industrial products company’s stock valued at $2,286,038,000 after purchasing an additional 16,703 shares during the last quarter. Morgan Stanley lifted its position in Parker-Hannifin by 1.1% during the fourth quarter. Morgan Stanley now owns 2,133,044 shares of the industrial products company’s stock worth $1,874,862,000 after buying an additional 22,367 shares in the last quarter. Finally, Norges Bank acquired a new position in Parker-Hannifin during the fourth quarter worth $1,756,230,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on PH shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Parker-Hannifin in a report on Friday, July 17th. Evercore set a $1,064.00 price objective on shares of Parker-Hannifin in a research report on Monday, May 11th. Citigroup reaffirmed a “buy” rating on shares of Parker-Hannifin in a research note on Monday, June 8th. Wells Fargo & Company dropped their price target on shares of Parker-Hannifin from $980.00 to $950.00 and set an “overweight” rating for the company in a research note on Tuesday, May 26th. Finally, Wall Street Zen lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. Eighteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,027.38.

Parker-Hannifin Trading Up 0.1%

Shares of NYSE:PH opened at $986.17 on Friday. The company has a quick ratio of 0.66, a current ratio of 1.13 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average price is $922.26 and its 200 day moving average price is $936.00. The company has a market cap of $124.35 billion, a PE ratio of 36.38, a P/E/G ratio of 2.63 and a beta of 1.11. Parker-Hannifin Corporation has a fifty-two week low of $692.02 and a fifty-two week high of $1,034.96.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, April 30th. The industrial products company reported $8.17 EPS for the quarter, beating the consensus estimate of $7.84 by $0.33. Parker-Hannifin had a net margin of 16.58% and a return on equity of 27.97%. The company had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same quarter last year, the business earned $6.94 earnings per share. Parker-Hannifin’s revenue was up 10.6% compared to the same quarter last year. Parker-Hannifin has set its FY 2026 guidance at 31.200-31.200 EPS. Sell-side analysts anticipate that Parker-Hannifin Corporation will post 31.26 earnings per share for the current year.

Parker-Hannifin Company Profile

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.