Independent Advisor Alliance Decreases Holdings in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Independent Advisor Alliance has decreased its stake in Parker-Hannifin Corporation by 7.3%, now holding 16,766 shares valued at approximately $10.19 million.
• Other institutional investors, including Vanguard Group and Royal Bank of Canada, have increased their positions in Parker-Hannifin, reflecting a robust interest from hedge funds and institutional investors, who own over 82% of the stock.
• Parker-Hannifin reported better-than-expected earnings with an EPS of $7.69, surpassing analysts' estimates of $7.08, and generating $5.24 billion in revenue for the quarter.

Independent Advisor Alliance cut its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 7.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,766 shares of the industrial products company's stock after selling 1,315 shares during the period. Independent Advisor Alliance's holdings in Parker-Hannifin were worth $10,191,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Cove Private Wealth LLC lifted its holdings in Parker-Hannifin by 0.6% in the first quarter. Cove Private Wealth LLC now owns 3,168 shares of the industrial products company's stock valued at $1,926,000 after acquiring an additional 18 shares during the period. SouthState Corp raised its stake in shares of Parker-Hannifin by 5.9% in the first quarter. SouthState Corp now owns 32,753 shares of the industrial products company's stock worth $19,909,000 after buying an additional 1,816 shares during the period. Nuveen LLC bought a new position in shares of Parker-Hannifin in the first quarter worth about $933,089,000. Advent Capital Management DE bought a new position in shares of Parker-Hannifin in the first quarter worth about $2,431,000. Finally, Cooper Financial Group raised its stake in shares of Parker-Hannifin by 7.6% in the first quarter. Cooper Financial Group now owns 895 shares of the industrial products company's stock worth $544,000 after buying an additional 63 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PH. Evercore ISI lifted their target price on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Barclays lifted their target price on Parker-Hannifin from $750.00 to $776.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Mizuho set a $785.00 target price on Parker-Hannifin in a research note on Friday, May 16th. KeyCorp lifted their target price on Parker-Hannifin from $790.00 to $810.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Finally, Wells Fargo & Company lifted their target price on Parker-Hannifin from $770.00 to $800.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $763.00.

Parker-Hannifin Stock Performance

Parker-Hannifin stock traded down $15.80 during trading hours on Thursday, hitting $746.25. 695,075 shares of the stock traded hands, compared to its average volume of 755,053. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.19 and a quick ratio of 0.71. The firm's 50 day moving average price is $702.68 and its 200-day moving average price is $657.94. The stock has a market capitalization of $95.36 billion, a price-to-earnings ratio of 27.52, a P/E/G ratio of 3.12 and a beta of 1.37. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $763.99.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, August 7th. The industrial products company reported $7.69 EPS for the quarter, topping analysts' consensus estimates of $7.08 by $0.61. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.10 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.79%. The company's revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.77 earnings per share. As a group, equities analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Insider Transactions at Parker-Hannifin

In other news, VP Angela R. Ives sold 810 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $727.36, for a total transaction of $589,161.60. Following the completion of the transaction, the vice president directly owned 2,798 shares in the company, valued at $2,035,153.28. This trade represents a 22.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Andrew D. Ross sold 4,361 shares of Parker-Hannifin stock in a transaction on Friday, August 8th. The shares were sold at an average price of $732.66, for a total value of $3,195,130.26. Following the completion of the transaction, the chief operating officer owned 13,120 shares of the company's stock, valued at approximately $9,612,499.20. This trade represents a 24.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,414 shares of company stock valued at $6,883,931. 0.39% of the stock is currently owned by company 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.