AMF Tjanstepension AB Trims Stake in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• AMF Tjanstepension AB reduced its stake in Parker-Hannifin Corporation (NYSE:PH) by 10.2%, selling 47,325 shares and retaining 416,384 shares worth approximately $253 million.
• Several institutional investors have increased their stakes in Parker-Hannifin recently, including AlphaCore Capital LLC, which raised its position by 82.2%.
• Parker-Hannifin reported strong earnings, with $7.69 earnings per share for the latest quarter, exceeding analysts' expectations of $7.08, and a revenue of $5.24 billion.

AMF Tjanstepension AB reduced its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 10.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 416,384 shares of the industrial products company's stock after selling 47,325 shares during the period. Parker-Hannifin accounts for about 1.9% of AMF Tjanstepension AB's holdings, making the stock its 17th biggest holding. AMF Tjanstepension AB owned 0.32% of Parker-Hannifin worth $253,144,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. AlphaCore Capital LLC raised its stake in Parker-Hannifin by 82.2% during the 1st quarter. AlphaCore Capital LLC now owns 3,388 shares of the industrial products company's stock valued at $2,059,000 after acquiring an additional 1,528 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Parker-Hannifin by 11.9% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 234,065 shares of the industrial products company's stock worth $142,287,000 after purchasing an additional 24,942 shares during the period. Evernest Financial Advisors LLC increased its position in Parker-Hannifin by 7.1% during the 1st quarter. Evernest Financial Advisors LLC now owns 425 shares of the industrial products company's stock worth $258,000 after purchasing an additional 28 shares during the period. Chicago Partners Investment Group LLC grew its holdings in shares of Parker-Hannifin by 5.0% in the 1st quarter. Chicago Partners Investment Group LLC now owns 569 shares of the industrial products company's stock worth $355,000 after acquiring an additional 27 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Parker-Hannifin by 0.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,594,347 shares of the industrial products company's stock worth $969,124,000 after acquiring an additional 11,815 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PH shares. Wells Fargo & Company upped their price target on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Mizuho set a $785.00 price target on Parker-Hannifin in a report on Friday, May 16th. Evercore ISI upped their price target on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Citigroup restated a "buy" rating and issued a $831.00 price target (up previously from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Finally, Barclays upped their target price on Parker-Hannifin from $700.00 to $750.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Parker-Hannifin has an average rating of "Moderate Buy" and an average target price of $739.59.

Parker-Hannifin Stock Up 4.1%

NYSE:PH opened at $725.80 on Friday. The company has a market capitalization of $92.74 billion, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 2.98 and a beta of 1.37. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $745.34. The stock has a 50-day simple moving average of $696.32 and a 200 day simple moving average of $656.13. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.08 by $0.61. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The firm had revenue of $5.24 billion for the quarter, compared to analysts' expectations of $5.10 billion. During the same quarter last year, the company posted $6.77 earnings per share. Parker-Hannifin's revenue was up 1.1% on a year-over-year basis. Sell-side analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Profile

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 solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.

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