Marvin & Palmer Associates Inc. Has $3.22 Million Stock Holdings in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Marvin & Palmer Associates Inc. reduced its holdings in Parker-Hannifin Corporation by 48.8%, owning $3.22 million worth of stock after selling over 5,000 shares in the first quarter.
• Parker-Hannifin's stock has a market cap of $94.29 billion and reported earnings of $6.94 per share, exceeding forecasts despite a decline in year-over-year revenue.
• Various institutional investors have adjusted their positions; overall, institutional ownership of Parker-Hannifin stands at 82.44%.

Marvin & Palmer Associates Inc. lessened its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 48.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,298 shares of the industrial products company's stock after selling 5,059 shares during the quarter. Parker-Hannifin accounts for 4.8% of Marvin & Palmer Associates Inc.'s portfolio, making the stock its 4th largest position. Marvin & Palmer Associates Inc.'s holdings in Parker-Hannifin were worth $3,220,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. First Manhattan CO. LLC. increased its stake in Parker-Hannifin by 1.0% in the 4th quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock worth $1,005,000 after buying an additional 15 shares during the period. Becker Capital Management Inc. increased its stake in Parker-Hannifin by 3.4% in the 4th quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company's stock worth $307,000 after buying an additional 16 shares during the period. Citizens National Bank Trust Department increased its stake in Parker-Hannifin by 8.5% in the 1st quarter. Citizens National Bank Trust Department now owns 217 shares of the industrial products company's stock worth $132,000 after buying an additional 17 shares during the period. Sunbelt Securities Inc. increased its stake in Parker-Hannifin by 1.6% in the 1st quarter. Sunbelt Securities Inc. now owns 1,175 shares of the industrial products company's stock worth $714,000 after buying an additional 18 shares during the period. Finally, Argonautica Private Wealth Management Inc. increased its stake in Parker-Hannifin by 0.4% in the 1st quarter. Argonautica Private Wealth Management Inc. now owns 4,095 shares of the industrial products company's stock worth $2,489,000 after buying an additional 18 shares during the period. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Stock Up 1.1%

PH stock opened at $737.90 on Monday. The firm has a 50 day moving average of $686.08 and a 200 day moving average of $651.77. The stock has a market capitalization of $94.29 billion, a PE ratio of 28.41, a price-to-earnings-growth ratio of 3.15 and a beta of 1.34. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $740.83.

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

Insider Buying and Selling

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the sale, the vice president directly owned 2,083 shares in the company, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.39% of the stock is owned by company insiders.

Analysts Set New Price Targets

PH has been the topic of several recent analyst reports. Truist Financial reduced their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Wolfe Research downgraded shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. KeyCorp raised their target price on shares of Parker-Hannifin from $735.00 to $790.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Argus set a $680.00 target price on shares of Parker-Hannifin in a research report on Tuesday, May 6th. Finally, Morgan Stanley raised their target price on shares of Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $739.59.

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.

Want to see what other hedge funds are holding PH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parker-Hannifin Corporation (NYSE:PH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.