Parker-Hannifin Corporation (NYSE:PH) Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in Parker-Hannifin Corporation by 7.9%, now holding approximately 2.3 million shares worth about $1.4 billion as of the last quarter.
• The company's recent earnings exceeded analyst expectations, reporting $7.69 EPS against a consensus estimate of $7.08 EPS, with a revenue of $5.24 billion for the quarter.
• Several analysts have raised their price targets on Parker-Hannifin shares, with a consensus target price now at $756.06 and multiple ratings upgraded to "buy" or "outperform."

Invesco Ltd. trimmed its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,304,701 shares of the industrial products company's stock after selling 198,027 shares during the period. Invesco Ltd. owned about 1.80% of Parker-Hannifin worth $1,400,912,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of PH. Brighton Jones LLC lifted its stake in Parker-Hannifin by 5.9% in the 4th quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company's stock worth $1,150,000 after purchasing an additional 101 shares in the last quarter. Bank Pictet & Cie Europe AG raised its position in shares of Parker-Hannifin by 0.8% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 7,259 shares of the industrial products company's stock valued at $4,617,000 after buying an additional 55 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in shares of Parker-Hannifin during the 4th quarter valued at approximately $25,000. CenterBook Partners LP purchased a new stake in shares of Parker-Hannifin during the 4th quarter valued at approximately $1,065,000. Finally, F M Investments LLC raised its position in shares of Parker-Hannifin by 14.0% during the 4th quarter. F M Investments LLC now owns 1,494 shares of the industrial products company's stock valued at $950,000 after buying an additional 184 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Performance

PH traded up $1.68 on Wednesday, reaching $753.72. The company had a trading volume of 66,803 shares, compared to its average volume of 752,379. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $763.99. The stock has a market capitalization of $96.31 billion, a PE ratio of 27.79, a P/E/G ratio of 3.03 and a beta of 1.37. 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 has a 50-day moving average price of $700.75 and a 200-day moving average price of $657.21.

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

Insider Transactions at Parker-Hannifin

In other news, VP Thomas C. Gentile sold 1,133 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $729.50, for a total value of $826,523.50. Following the completion of the sale, the vice president directly owned 5,465 shares of the company's stock, valued at approximately $3,986,717.50. This represents a 17.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Andrew D. Ross sold 4,361 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $732.66, for a total transaction of $3,195,130.26. Following the completion of the sale, the chief operating officer directly owned 13,120 shares of the company's stock, valued at $9,612,499.20. The trade was a 24.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,414 shares of company stock valued at $6,883,931 over the last quarter. 0.39% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Morgan Stanley lifted their price target 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. Citigroup reiterated a "buy" rating and issued a $831.00 target price (up previously from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Stifel Nicolaus lifted their target price 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. Raymond James Financial set a $845.00 target price on shares of Parker-Hannifin and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Parker-Hannifin in a report on Friday. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $763.00.

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.