Lord Abbett & CO. LLC Sells 31,600 Shares of Parker-Hannifin Corporation $PH

Key Points

• Lord Abbett & CO. LLC reduced its stake in Parker-Hannifin by 6.4%, owning 464,509 shares valued at approximately $282.35 million, making it the firm's 16th largest position.
• Parker-Hannifin reported a beat on earnings with $7.69 per share, exceeding estimates by $0.61, and had revenues of $5.24 billion, surpassing forecasts as well.
• Several analysts have raised their price targets for Parker-Hannifin, with new objectives ranging from $680.00 to $831.00, reflecting a generally positive outlook on the stock.

Lord Abbett & CO. LLC reduced its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 6.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 464,509 shares of the industrial products company's stock after selling 31,600 shares during the quarter. Parker-Hannifin comprises approximately 1.0% of Lord Abbett & CO. LLC's holdings, making the stock its 16th largest position. Lord Abbett & CO. LLC owned 0.36% of Parker-Hannifin worth $282,352,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. First Manhattan CO. LLC. grew its stake in shares of Parker-Hannifin by 1.0% in the fourth quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock worth $1,005,000 after purchasing an additional 15 shares in the last quarter. Becker Capital Management Inc. grew its stake in shares of Parker-Hannifin by 3.4% in the fourth quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company's stock worth $307,000 after purchasing an additional 16 shares in the last quarter. Nicolet Advisory Services LLC grew its stake in shares of Parker-Hannifin by 3.5% in the first quarter. Nicolet Advisory Services LLC now owns 468 shares of the industrial products company's stock worth $262,000 after purchasing an additional 16 shares in the last quarter. E Fund Management Co. Ltd. lifted its holdings in shares of Parker-Hannifin by 5.0% in the first quarter. E Fund Management Co. Ltd. now owns 336 shares of the industrial products company's stock valued at $204,000 after buying an additional 16 shares during the period. Finally, Citizens National Bank Trust Department lifted its holdings in shares of Parker-Hannifin by 8.5% in the first quarter. Citizens National Bank Trust Department now owns 217 shares of the industrial products company's stock valued at $132,000 after buying an additional 17 shares during the period. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Stock Up 0.9%

NYSE:PH traded up $6.67 during trading hours on Monday, hitting $736.63. 464,873 shares of the company's stock traded hands, compared to its average volume of 752,042. The firm has a market cap of $94.13 billion, a P/E ratio of 27.16, a P/E/G ratio of 3.03 and a beta of 1.37. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $763.99. 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 stock's fifty day moving average price is $705.53 and its two-hundred day moving average price is $658.60.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share for the quarter, beating the consensus estimate of $7.08 by $0.61. The firm had revenue of $5.24 billion for 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 quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $6.77 earnings per share. On average, research analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Insider Activity at Parker-Hannifin

In related news, VP Thomas C. Gentile sold 1,133 shares of the 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 sale, the vice president owned 5,465 shares in the company, valued at $3,986,717.50. This represents a 17.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Angela R. Ives sold 810 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $727.36, for a total value of $589,161.60. Following the sale, the vice president owned 2,798 shares of the company's stock, valued at approximately $2,035,153.28. The trade was a 22.45% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,414 shares of company stock worth $6,883,931. 0.39% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Barclays upped their price objective on Parker-Hannifin from $750.00 to $776.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Mizuho set a $785.00 price objective on Parker-Hannifin in a report on Friday, May 16th. Evercore ISI upped their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Argus set a $680.00 price objective on Parker-Hannifin in a report on Tuesday, May 6th. Finally, Stifel Nicolaus upped their price objective on 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $768.71.

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.