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Here’s Why Parker-Hannifin Corporation (PH) Rose in Q1

Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter the strategy outperformed the Russell Midcap Index. The strategy returned 9.74% (gross) and 9.55% net of fees vs 8.60% for the index. As the economy and profit growth remained strong, equity markets continued their upward trend in Q1. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.

Diamond Hill Capital Mid Cap Strategy highlighted stocks like Parker-Hannifin Corporation (NYSE:PH), in the first 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 -8.18%, and its shares gained 44.67% of their value over the last 52 weeks. On June 6, 2024, Parker-Hannifin Corporation (NYSE:PH) stock closed at $515.22 per share with a market capitalization of $66.227 billion.

Diamond Hill Capital Mid Cap Strategy stated the following regarding Parker-Hannifin Corporation (NYSE:PH) in its first quarter 2024 investor letter:

"Other top Q1 contributors included Parker-Hannifin Corporation (NYSE:PH). Diversified industrial and aerospace manufacturer Parker-Hannifin’s industrial business orders typically turn positive after five or six quarters of order declines. Accordingly, shares rose in Q1 in anticipation of a new cycle, implying a strong recovery for the company in the forthcoming calendar year."

A robotic arm in a factory demonstrating the application of motion control technologies.

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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. Parker-Hannifin Corporation (NYSE:PH) had a strong quarter with record 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 the list of stocks with latest dividend increases. Parker-Hannifin Corporation (NYSE:PH) was one of the major contributors to the Diamond Hill Mid Cap Strategy during the previous quarter. In addition, please check out our hedge fund investor letters Q1 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.