Parker-Hannifin Corporation (PH) Executed Well Despite Slowing Industrial Economy
Madison Investments, an investment advisor, released its “Madison Investors Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Class Y) appreciated 7.80% compared to a 5.89% return for the S&P 500 index. In the YTD, nine months period, the fund returned 16.96% compared to a 22.08% 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 third 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 3.51%, and its shares gained 74.57% of their value over the last 52 weeks. On October 18, 2024, Parker-Hannifin Corporation (NYSE:PH) stock closed at $640.44 per share with a market capitalization of $82.405 billion.
Madison Investors Fund stated the following regarding Parker-Hannifin Corporation (NYSE:PH) in its Q3 2024 investor letter:
"In the third quarter, the top five individual contributors to performance relative to the benchmark were Parker-Hannifin Corporation (NYSE:PH), Fiserv, Lowe’s Companies, Brookfield Corporation, and Progressive Corporation. Parker-Hannifin is a leading diversified industrial manufacturer. Despite the unfavorable backdrop of a slowing industrial economy, the company continues to execute well with respect to improving margins and integrating the recent acquisition of Meggitt."
A robotic arm in a factory demonstrating the application of motion control technologies.
Parker-Hannifin Corporation (NYSE:PH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Parker-Hannifin Corporation (NYSE:PH) at the end of the second quarter which was 63 in the previous quarter. In the June quarter, Parker-Hannifin Corporation (NYSE:PH) experienced total sales growth of nearly 2% compared to the previous year, reaching nearly $5.2 billion in sales. 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 ClearBridge Large Cap Value Strategy's views on the company. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.