Parker-Hannifin Corporation (NYSE:PH) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. has reduced its stakes in Parker-Hannifin Corporation (NYSE:PH) by 23.8%, selling 2,494 shares and now holding 7,964 shares valued at approximately $4.84 million.
• Several hedge funds have recently acquired new stakes in Parker-Hannifin, with institutional investors now owning 82.44% of the company's stock.
• Brokerages have raised their target prices for Parker-Hannifin, with estimates now ranging up to $827.00, reflecting a consensus rating of "Moderate Buy".

Pacer Advisors Inc. lowered its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 23.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,964 shares of the industrial products company's stock after selling 2,494 shares during the quarter. Pacer Advisors Inc.'s holdings in Parker-Hannifin were worth $4,841,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PH. First Manhattan CO. LLC. boosted its stake in shares of Parker-Hannifin by 1.0% during the 4th quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock worth $1,005,000 after acquiring an additional 15 shares in the last quarter. Becker Capital Management Inc. raised its holdings 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 purchasing an additional 16 shares during the period. Citizens National Bank Trust Department boosted its position in Parker-Hannifin by 8.5% during the first quarter. Citizens National Bank Trust Department now owns 217 shares of the industrial products company's stock worth $132,000 after purchasing an additional 17 shares in the last quarter. Sunbelt Securities Inc. grew its holdings in Parker-Hannifin by 1.6% in the first quarter. Sunbelt Securities Inc. now owns 1,175 shares of the industrial products company's stock valued at $714,000 after purchasing an additional 18 shares during the period. Finally, Argonautica Private Wealth Management Inc. increased its position in shares of Parker-Hannifin by 0.4% in the first quarter. Argonautica Private Wealth Management Inc. now owns 4,095 shares of the industrial products company's stock valued at $2,489,000 after buying an additional 18 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company's stock.

Analyst Ratings Changes

PH has been the topic of a number of recent analyst reports. KeyCorp increased their target price on Parker-Hannifin from $735.00 to $790.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Truist Financial reduced their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company lifted their target price on shares of Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Argus set a $680.00 target price on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Finally, Morgan Stanley raised 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 note on Wednesday, July 9th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $739.59.

Parker-Hannifin Trading Down 3.5%

Parker-Hannifin stock traded down $25.26 during midday trading on Friday, hitting $706.64. 415,127 shares of the stock were exchanged, compared to its average volume of 742,008. The stock has a market capitalization of $90.29 billion, a price-to-earnings ratio of 27.23, a PEG ratio of 3.13 and a beta of 1.34. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The stock's 50-day simple moving average is $691.28 and its 200 day simple moving average is $654.30. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $745.34.

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

Parker-Hannifin 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.