Parker-Hannifin Corporation $PH Shares Sold by Alphinity Investment Management Pty Ltd

Key Points

• Alphinity Investment Management reduced its position in Parker‑Hannifin by 2.9% in Q4, selling 16,149 shares and now owns 545,796 shares (~0.43% of the company) valued at about $479.7 million, making PH its 8th largest holding (~4.9% of the portfolio).
• Wall Street is broadly positive on PH: the consensus rating is a Moderate Buy with an average price target of $1,000.60, and several firms recently raised their targets.
• Insiders sold a total of 10,063 shares (~$9.89 million) in the past three months while institutional investors own 82.44% of the stock and insiders now hold just 0.32%.

Alphinity Investment Management Pty Ltd lessened its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 2.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 545,796 shares of the industrial products company's stock after selling 16,149 shares during the quarter. Parker-Hannifin makes up approximately 4.9% of Alphinity Investment Management Pty Ltd's investment portfolio, making the stock its 8th largest holding. Alphinity Investment Management Pty Ltd owned approximately 0.43% of Parker-Hannifin worth $479,733,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. M&T Bank Corp increased its position in Parker-Hannifin by 128.5% during the 4th quarter. M&T Bank Corp now owns 80,206 shares of the industrial products company's stock valued at $70,498,000 after purchasing an additional 45,112 shares during the period. Crown Wealth Group LLC bought a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $244,000. CPC Advisors LLC bought a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $6,985,000. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Parker-Hannifin by 5.5% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 93,044 shares of the industrial products company's stock worth $81,743,000 after buying an additional 4,879 shares in the last quarter. Finally, Foresight Capital Management Advisors Inc. boosted its holdings in shares of Parker-Hannifin by 16.5% during the 4th quarter. Foresight Capital Management Advisors Inc. now owns 459 shares of the industrial products company's stock worth $403,000 after buying an additional 65 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Wall Street Analysts Forecast Growth

PH has been the topic of a number of research analyst reports. Morgan Stanley increased their price target on Parker-Hannifin from $945.00 to $1,038.00 and gave the stock an "equal weight" rating in a report on Tuesday, February 24th. Barclays increased their price target on Parker-Hannifin from $990.00 to $1,020.00 and gave the stock an "overweight" rating in a report on Friday, January 30th. Wells Fargo & Company cut their price target on Parker-Hannifin from $1,050.00 to $980.00 and set an "overweight" rating on the stock in a report on Wednesday, April 1st. Stifel Nicolaus increased their price target on Parker-Hannifin from $965.00 to $1,000.00 and gave the stock a "hold" rating in a report on Friday, April 10th. Finally, BMO Capital Markets began coverage on Parker-Hannifin in a report on Friday, March 27th. They set an "outperform" rating and a $1,090.00 price target on the stock. Seventeen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $1,000.60.

Insiders Place Their Bets

In related news, VP Berend Bracht sold 1,457 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $946.48, for a total value of $1,379,021.36. Following the completion of the sale, the vice president directly owned 2,580 shares of the company's stock, valued at approximately $2,441,918.40. This represents a 36.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Matthew A. Jacobson sold 564 shares of Parker-Hannifin stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $949.94, for a total value of $535,766.16. Following the sale, the vice president owned 1,000 shares in the company, valued at $949,940. The trade was a 36.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 10,063 shares of company stock worth $9,891,214 in the last three months. 0.32% of the stock is owned by corporate insiders.

Parker-Hannifin Price Performance

Shares of PH opened at $972.26 on Wednesday. Parker-Hannifin Corporation has a 12-month low of $554.22 and a 12-month high of $1,034.96. The business's fifty day moving average is $954.11 and its 200 day moving average is $892.52. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. The stock has a market cap of $122.72 billion, a P/E ratio of 35.46, a P/E/G ratio of 3.21 and a beta of 1.25.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 EPS for the quarter, beating analysts' consensus estimates of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.Parker-Hannifin's revenue was up 9.1% on a year-over-year basis. During the same period last year, the company posted $6.53 earnings per share. Sell-side analysts anticipate that Parker-Hannifin Corporation will post 30.99 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 6th were given a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Friday, February 6th. Parker-Hannifin's dividend payout ratio is presently 26.26%.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation NYSE: PH is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin's product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.