King Luther Capital Management Corp Decreases Stake in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• King Luther Capital Management Corp owns a stake of approximately $84.13 million in Parker-Hannifin Corporation, having reduced its holdings by 0.9% in the first quarter.
• Parker-Hannifin recently reported $7.69 earnings per share for the last quarter, exceeding estimates, with revenue of $5.24 billion.
• Analysts have set a consensus price target of $763.00 for Parker-Hannifin, with a mix of ratings including 12 buy and 5 hold ratings.

King Luther Capital Management Corp trimmed its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 138,408 shares of the industrial products company's stock after selling 1,311 shares during the period. King Luther Capital Management Corp owned about 0.11% of Parker-Hannifin worth $84,131,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PH. Mpwm Advisory Solutions LLC bought a new stake in Parker-Hannifin in the fourth quarter valued at approximately $32,000. Olde Wealth Management LLC bought a new position in shares of Parker-Hannifin during the first quarter worth approximately $35,000. Chilton Capital Management LLC increased its position in shares of Parker-Hannifin by 1,500.0% in the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock worth $39,000 after purchasing an additional 60 shares during the period. Accent Capital Management LLC bought a new position in shares of Parker-Hannifin in the first quarter worth $41,000. Finally, Sierra Ocean LLC increased its position in shares of Parker-Hannifin by 89.5% in the first quarter. Sierra Ocean LLC now owns 72 shares of the industrial products company's stock worth $44,000 after purchasing an additional 34 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Matthew A. Jacobson sold 575 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $733.06, for a total transaction of $421,509.50. Following the completion of the sale, the vice president owned 1,000 shares of the company's stock, valued at $733,060. This represents a 36.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Robert W. Malone sold 2,257 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $730.66, for a total transaction of $1,649,099.62. Following the sale, the vice president directly owned 5,866 shares of the company's stock, valued at $4,286,051.56. The trade was a 27.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,414 shares of company stock valued at $6,883,931. 0.39% of the stock is currently owned by corporate insiders.

Parker-Hannifin Trading Up 3.0%

PH stock traded up $21.60 during mid-day trading on Tuesday, reaching $752.26. The company had a trading volume of 604,698 shares, compared to its average volume of 700,813. 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 company has a market capitalization of $96.12 billion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 3.03 and a beta of 1.37. The firm has a 50 day moving average of $700.75 and a 200 day moving average of $657.21. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $752.87.

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. Parker-Hannifin had a net margin of 17.79% and a return on equity of 26.80%. The business had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.10 billion. During the same period in the prior year, the firm earned $6.77 EPS. The company's revenue for the quarter was up 1.1% compared to the same quarter last year. On average, equities analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PH. Argus set a $680.00 price target on Parker-Hannifin in a research note on Tuesday, May 6th. Citigroup reissued a "buy" rating and set a $831.00 price objective (up from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Parker-Hannifin in a report on Friday. Mizuho set a $785.00 price objective on Parker-Hannifin in a report on Friday, May 16th. Finally, Stifel Nicolaus increased their target price on Parker-Hannifin from $717.00 to $726.00 and gave the stock a "hold" rating in a research report on Friday. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $763.00.

About Parker-Hannifin

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.