Improving Investor Sentiment Supported Parker-Hannifin Corporation (PH)

Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio delivered positive results in the second quarter while modestly trailing the Russell Midcap Index. The healthcare holdings positively contributed to the relative performance while the information technology and materials holdings trailed benchmark peers. The fund returned 6.76% (net) in Q2 compared to 9.10% for the benchmark. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Capital Mid Cap Strategy highlighted stocks like Parker-Hannifin Corporation (NYSE:PH) in the second quarter 2023 investor letter. Headquartered in Cleveland, Ohio, Parker-Hannifin Corporation (NYSE:PH) manufactures motion and control technologies and systems. On September 7, 2023, Parker-Hannifin Corporation (NYSE:PH) stock closed at $409.11 per share. One-month return of Parker-Hannifin Corporation (NYSE:PH) was -0.88%, and its shares gained 48.90% of their value over the last 52 weeks. Parker-Hannifin Corporation (NYSE:PH) has a market capitalization of $52.542 billion.

Diamond Hill Capital Mid Cap Strategy made the following comment about Parker-Hannifin Corporation (NYSE:PH) in its Q2 2023 investor letter:

“Other top contributors included Parker-Hannifin Corporation (NYSE:PH), Allegiant Travel and NVR. Shares of global leader in motion and control technologies and solutions Parker Hannifin rose alongside improving investor sentiment about global industrial activity — a meaningful majority of Parker Hannifin’s revenues are derived from industrial businesses.”

system, work, industry

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Parker-Hannifin Corporation (NYSE:PH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Parker-Hannifin Corporation (NYSE:PH) at the end of second quarter which was 49 in the previous quarter.

We discussed Parker-Hannifin Corporation (NYSE:PH) in another article and shared Aristotle Atlantic Partners’ views on the company. In addition, please check out our hedge fund investor letters Q2 2023 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.