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Parker-Hannifin Corporation (PH) Slipped on Investor Concerns

Soumya Eswaran
·2 min read

Madison Investments, an investment advisor, released its “Madison Investors Fund” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund (Class Y) fell by 1.03% compared to a 4.28% return for the S&P 500 index. YTD the fund returned 8.50% compared to a 15.29% return for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Madison Investors Fund highlighted stocks like Parker-Hannifin Corporation (NYSE:PH), in the second quarter 2024 investor letter. Parker-Hannifin Corporation (NYSE:PH) manufactures motion and control technologies and systems for mobile, industrial, and aerospace markets. The one-month return of Parker-Hannifin Corporation (NYSE:PH) was 7.81%, and its shares gained 35.96% of their value over the last 52 weeks. On July 18, 2024, Parker-Hannifin Corporation (NYSE:PH) stock closed at $547.67 per share with a market capitalization of $70.398 billion.

Madison Investors Fund stated the following regarding Parker-Hannifin Corporation (NYSE:PH) in its Q2 2024 investor letter:

"Parker-Hannifin Corporation (NYSE:PH) is a leading diversified industrial manufacturer. The company continues to execute well with respect to improving margins and integrating the recent acquisition of Meggitt. However, the industrial economy is slowing, which weighed on investor sentiment."

A worker in safety gear inspecting a bearing in an industrial motion factory.

Parker-Hannifin Corporation (NYSE:PH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held Parker-Hannifin Corporation (NYSE:PH) at the end of the first quarter which was 63 in the previous quarter. In the fiscal third quarter of 2024 Parker-Hannifin Corporation (NYSE:PH) reported sales of $5.1 billion. While we acknowledge the potential of Parker-Hannifin Corporation (NYSE:PH) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Parker-Hannifin Corporation (NYSE:PH) and shared best industrial stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.