Parker-Hannifin Corporation (NYSE:PH) Shares Sold by Lazard Freres Gestion S.A.S.

Key Points

• Lazard Freres Gestion S.A.S. reduced its stake in Parker-Hannifin Corporation by 57.8%, selling 135,837 shares, and now holds a total of 99,133 shares, representing about 1.5% of their portfolio.
• Analysts have a consensus rating of "Moderate Buy" for Parker-Hannifin, with an average price target of $739.59, with several firms upgrading their price targets recently.
• Parker-Hannifin reported $6.94 earnings per share for the last quarter, exceeding expectations, but experienced a 2.2% decline in revenue year-over-year with profits influenced by ongoing market conditions.

Lazard Freres Gestion S.A.S. reduced its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 57.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,133 shares of the industrial products company's stock after selling 135,837 shares during the period. Parker-Hannifin comprises 1.5% of Lazard Freres Gestion S.A.S.'s investment portfolio, making the stock its 22nd biggest position. Lazard Freres Gestion S.A.S. owned approximately 0.08% of Parker-Hannifin worth $60,257,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Purkiss Capital Advisors LLC acquired a new stake in Parker-Hannifin during the 1st quarter valued at $244,000. Norden Group LLC grew its holdings in Parker-Hannifin by 2.9% during the 1st quarter. Norden Group LLC now owns 1,044 shares of the industrial products company's stock valued at $634,000 after buying an additional 29 shares during the last quarter. Mackenzie Financial Corp grew its holdings in Parker-Hannifin by 0.9% during the 1st quarter. Mackenzie Financial Corp now owns 277,498 shares of the industrial products company's stock valued at $168,677,000 after buying an additional 2,585 shares during the last quarter. Abbot Financial Management Inc. grew its holdings in Parker-Hannifin by 15.8% during the 1st quarter. Abbot Financial Management Inc. now owns 2,837 shares of the industrial products company's stock valued at $1,724,000 after buying an additional 388 shares during the last quarter. Finally, Prosperity Consulting Group LLC grew its holdings in Parker-Hannifin by 4.3% during the 1st quarter. Prosperity Consulting Group LLC now owns 3,338 shares of the industrial products company's stock valued at $2,029,000 after buying an additional 138 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Up 0.2%

NYSE:PH traded up $1.81 during mid-day trading on Thursday, hitting $733.84. The company had a trading volume of 216,102 shares, compared to its average volume of 742,174. The business has a fifty day simple moving average of $689.76 and a 200-day simple moving average of $653.65. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $745.34. The firm has a market capitalization of $93.77 billion, a price-to-earnings ratio of 28.25, a PEG ratio of 3.14 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The business had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period in the previous year, the company earned $6.51 earnings per share. The company's revenue for the quarter was down 2.2% compared to the same quarter last year. Equities analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PH has been the topic of a number of analyst reports. Truist Financial lowered their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Evercore ISI raised their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Stifel Nicolaus raised their price objective on Parker-Hannifin from $709.00 to $717.00 and gave the stock a "hold" rating in a report on Monday, July 21st. Wolfe Research cut Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Finally, Citigroup restated a "buy" rating and set a $831.00 price objective (up previously from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Parker-Hannifin has a consensus rating of "Moderate Buy" and a consensus target price of $739.59.

Insider Activity

In related news, VP Jay Reidy sold 150 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the sale, the vice president directly owned 2,083 shares of the company's stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.39% of the company's stock.

Parker-Hannifin Company 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.