Oakmark Funds: “We Elected to Sell Parker-Hannifin (PH) to Pursue More Attractive Alternatives”
Oakmark Funds, an investment management firm, published its “Oakmark Fund” first quarter 2021 investor letter – a copy of which can be seen here. A return of 15.5% was reported by the fund in the Q1 of 2021, outperforming its S&P 500 benchmark that delivered a 6.2% return for the same period. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
Oakmark Funds, in their Q1 2021 investor letter, mentioned Parker-Hannifin Corporation (NYSE: PH) and shared their insights on the company. Parker-Hannifin Corporation is a Cleveland, Ohio-based motion and control technologies corporation that currently has a $41.4 billion market capitalization. Since the beginning of the year, PH delivered a 17.90% return, extending its 12-month gains to 131.21%. As of April 12, 2021, the stock closed at $321.18 per share.
It’s been a quick comeback for the S&P 500 Index (SPX), which hit new record highs Thursday and sits more than 8% above its early-June low. The index rose every day so far this week, though it shows signs of flagging early Friday as tensions in the Middle East remain in the picture.
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Parker-Hannifin Corporation with ticker code (PH) now have 17 analysts in total covering the stock. The consensus rating is ‘Buy’. The range between the high target price and low target price is between 330 and 140 with the average target price sitting at 276.71. Given that the stocks previous close was at 273.3 this indicates there is a potential upside of 1.2%. The 50 day MA is 263.14 and the 200 day MA is 214.2. The market capitalisation for the company is $35,034m. Find out more information at: http://www.parker.com
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 s