LGT Group Foundation Sells 2,417 Shares of Parker-Hannifin Corporation (NYSE:PH)

Key Points

• LGT Group Foundation reduced its stock holdings in Parker-Hannifin Corporation by 25.3%, now owning 7,123 shares valued at approximately $4.33 million.
• Insider transactions include Thomas C. Gentile and Andrew D. Ross selling shares, reducing their ownership by 17.17% and 24.95%, respectively.
• Analysts have set new price targets for Parker-Hannifin, with Wells Fargo increasing its target from $770 to $800, reflecting a generally positive outlook for the stock.

LGT Group Foundation lowered its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 25.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,123 shares of the industrial products company's stock after selling 2,417 shares during the period. LGT Group Foundation's holdings in Parker-Hannifin were worth $4,330,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. SG Americas Securities LLC boosted its stake in Parker-Hannifin by 27.2% in the first quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company's stock valued at $18,850,000 after buying an additional 6,630 shares in the last quarter. Alley Investment Management Company LLC acquired a new stake in Parker-Hannifin in the first quarter valued at about $7,996,000. Community Financial Services Group LLC boosted its stake in Parker-Hannifin by 1,338.2% in the first quarter. Community Financial Services Group LLC now owns 6,630 shares of the industrial products company's stock valued at $4,030,000 after buying an additional 6,169 shares in the last quarter. Heartland Bank & Trust Co acquired a new stake in Parker-Hannifin in the first quarter valued at about $260,000. Finally, Banco Santander S.A. boosted its stake in Parker-Hannifin by 70.2% in the first quarter. Banco Santander S.A. now owns 35,645 shares of the industrial products company's stock valued at $21,667,000 after buying an additional 14,705 shares in the last quarter. Institutional investors own 82.44% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PH shares. Morgan Stanley upped their price objective on Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. Wells Fargo & Company raised their price objective on shares of Parker-Hannifin from $770.00 to $800.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Parker-Hannifin in a report on Friday, August 8th. Evercore ISI raised their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Finally, Stifel Nicolaus raised their price objective on shares of Parker-Hannifin from $717.00 to $726.00 and gave the company a "hold" rating in a report on Friday, August 8th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Parker-Hannifin currently has an average rating of "Moderate Buy" and an average target price of $768.71.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,361 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $732.66, for a total value of $3,195,130.26. Following the transaction, the chief operating officer directly owned 13,120 shares of the company's stock, valued at approximately $9,612,499.20. The trade was a 24.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 completion of the transaction, the vice president directly owned 1,000 shares in the company, 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. In the last 90 days, insiders sold 9,414 shares of company stock valued at $6,883,931. 0.39% of the stock is owned by insiders.

Parker-Hannifin Trading Down 2.1%

PH traded down $15.66 during trading on Friday, hitting $729.68. The company's stock had a trading volume of 716,118 shares, compared to its average volume of 755,372. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $763.99. The company has a quick ratio of 0.71, a current ratio of 1.19 and a debt-to-equity ratio of 0.55. The stock's fifty day moving average price is $704.37 and its 200-day moving average price is $658.51. The firm has a market capitalization of $93.24 billion, a P/E ratio of 26.91, a PEG ratio of 3.16 and a beta of 1.37.

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