Parker-Hannifin Corporation (NYSE:PH) Shares Sold by Maryland State Retirement & Pension System

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Parker-Hannifin Corporation by 13.2% during the first quarter, currently holding 5,981 shares valued at approximately $3.6 million.
• Analysts' price targets for Parker-Hannifin have increased significantly, with Citigroup raising its target from $709 to $831, while maintaining a "buy" rating for the stock.
• Parker-Hannifin reported a second-quarter EPS of $7.69, surpassing the consensus estimate of $7.08, and achieved revenues of $5.24 billion, exceeding analyst expectations.

Maryland State Retirement & Pension System reduced its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 13.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,981 shares of the industrial products company's stock after selling 909 shares during the quarter. Maryland State Retirement & Pension System's holdings in Parker-Hannifin were worth $3,636,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Parker-Hannifin by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 11,023,764 shares of the industrial products company's stock valued at $6,700,795,000 after purchasing an additional 168,990 shares during the last quarter. Royal Bank of Canada raised its stake in Parker-Hannifin by 99.8% in the 4th quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock valued at $1,448,241,000 after purchasing an additional 1,137,564 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Parker-Hannifin by 9.3% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company's stock valued at $1,282,294,000 after purchasing an additional 172,064 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Parker-Hannifin by 66,111.8% in the 1st quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock worth $1,054,870,000 after acquiring an additional 1,732,791 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Parker-Hannifin by 17.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,600,842 shares of the industrial products company's stock worth $1,018,185,000 after acquiring an additional 237,634 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PH shares. Morgan Stanley raised their target price on Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Citigroup reiterated a "buy" rating and set a $831.00 price target (up from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Wells Fargo & Company increased their price target on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. KeyCorp increased their price target on Parker-Hannifin from $735.00 to $790.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Finally, Argus set a $680.00 price target on Parker-Hannifin in a report on Tuesday, May 6th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $739.59.

Parker-Hannifin Trading Up 4.1%

PH opened at $725.80 on Friday. The firm has a market cap of $92.74 billion, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 2.98 and a beta of 1.37. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $745.34. The business's 50 day moving average is $696.32 and its two-hundred day moving average is $656.13. 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 (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The industrial products company reported $7.69 EPS for the quarter, topping the consensus estimate of $7.08 by $0.61. The company 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 17.14%. The firm's revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.77 earnings per share. On average, research analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

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.

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