Diamond Hill Capital Management Inc. Sells 264,187 Shares of Parker-Hannifin Corporation (NYSE:PH)

Diamond Hill Capital Management Inc. lessened its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 65.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 137,495 shares of the industrial products company's stock after selling 264,187 shares during the period. Diamond Hill Capital Management Inc. owned about 0.11% of Parker-Hannifin worth $83,576,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in PH. Aster Capital Management DIFC Ltd acquired a new position in Parker-Hannifin during the 4th quarter valued at approximately $25,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Parker-Hannifin during the fourth quarter valued at $32,000. Olde Wealth Management LLC bought a new position in shares of Parker-Hannifin during the first quarter worth about $35,000. Chilton Capital Management LLC increased its holdings in shares of Parker-Hannifin by 1,500.0% in the 1st quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock worth $39,000 after acquiring an additional 60 shares during the period. Finally, Meeder Asset Management Inc. lifted its position in Parker-Hannifin by 214.3% in the 4th quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 45 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Evercore ISI raised their price target on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Wolfe Research downgraded Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Truist Financial decreased their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Barclays lifted their target price on Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Finally, Morgan Stanley upped their price target on shares of Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. Five investment 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 an average rating of "Moderate Buy" and an average target price of $739.59.

Parker-Hannifin Stock Up 0.3%

Shares of NYSE:PH traded up $2.05 during midday trading on Thursday, hitting $730.22. 620,312 shares of the stock were exchanged, compared to its average volume of 528,522. The company has a market capitalization of $93.31 billion, a PE ratio of 28.12, a P/E/G ratio of 3.11 and a beta of 1.34. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $734.49. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21. The business's fifty day simple moving average is $684.94 and its two-hundred day simple moving average is $650.92.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. The business had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The firm's revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.51 EPS. As a group, research analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.39% of the stock is currently owned by insiders.

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.