HighTower Advisors LLC Sells 24,449 Shares of Parker-Hannifin Corporation (NYSE:PH)

Key Points

• HighTower Advisors LLC reduced its stake in Parker-Hannifin Corporation by 25.7%, selling 24,449 shares and owning 70,634 shares valued at approximately $42.9 million as of the latest reporting period.
• Brokerages have raised price targets for Parker-Hannifin, with Morgan Stanley setting a new target of $725.00 and Raymond James setting a target of $845.00, reflecting a generally positive outlook among analysts.
• Parker-Hannifin posted earnings of $7.69 per share for the latest quarter, exceeding analysts' estimates and showing a year-over-year revenue increase of 1.1%.

HighTower Advisors LLC lowered its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 25.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,634 shares of the industrial products company's stock after selling 24,449 shares during the period. HighTower Advisors LLC owned 0.06% of Parker-Hannifin worth $42,935,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Brighton Jones LLC lifted its position in Parker-Hannifin by 5.9% during the fourth quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company's stock valued at $1,150,000 after buying an additional 101 shares during the period. Bank Pictet & Cie Europe AG lifted its position in Parker-Hannifin by 0.8% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 7,259 shares of the industrial products company's stock valued at $4,617,000 after buying an additional 55 shares during the period. CreativeOne Wealth LLC lifted its position in Parker-Hannifin by 15.8% during the fourth quarter. CreativeOne Wealth LLC now owns 1,117 shares of the industrial products company's stock valued at $711,000 after buying an additional 152 shares during the period. XTX Topco Ltd lifted its position in Parker-Hannifin by 181.6% during the fourth quarter. XTX Topco Ltd now owns 1,039 shares of the industrial products company's stock valued at $661,000 after buying an additional 670 shares during the period. Finally, Jump Financial LLC lifted its position in Parker-Hannifin by 587.4% during the fourth quarter. Jump Financial LLC now owns 3,011 shares of the industrial products company's stock valued at $1,915,000 after buying an additional 2,573 shares during the period. Institutional investors own 82.44% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on PH. Morgan Stanley raised their price objective on Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. Evercore ISI raised their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Stifel Nicolaus raised their price objective on Parker-Hannifin from $717.00 to $726.00 and gave the company a "hold" rating in a research report on Friday, August 8th. Raymond James Financial set a $845.00 price target on Parker-Hannifin and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, KeyCorp lifted their price target on Parker-Hannifin from $790.00 to $810.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Parker-Hannifin has an average rating of "Moderate Buy" and a consensus price target of $763.00.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $762.20 on Thursday. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $763.99. The business has a 50-day simple moving average of $702.68 and a two-hundred day simple moving average of $657.94. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.71 and a current ratio of 1.19. The firm has a market cap of $97.39 billion, a price-to-earnings ratio of 28.10, a price-to-earnings-growth ratio of 3.12 and a beta of 1.37.

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 for the quarter, topping analysts' consensus estimates of $7.08 by $0.61. The business had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.10 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.79%. Parker-Hannifin's revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.77 EPS. On average, analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Thomas C. Gentile sold 1,133 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $729.50, for a total transaction of $826,523.50. Following the completion of the transaction, the vice president directly owned 5,465 shares in the company, valued at approximately $3,986,717.50. The trade was a 17.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Matthew A. Jacobson sold 575 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $733.06, for a total value of $421,509.50. Following the transaction, the vice president owned 1,000 shares of the company's stock, valued at approximately $733,060. This trade represents a 36.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,414 shares of company stock worth $6,883,931. 0.39% of the stock is owned by corporate insiders.

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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