Parker-Hannifin Corporation (NYSE:PH) Shares Sold by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board reduced its stake in Parker-Hannifin Corporation by **4.9%**, holding **206,905 shares** worth approximately **$125.77 million**.
• Parker-Hannifin's Q2 earnings reported an EPS of **$7.69**, exceeding expectations of **$7.08**, with revenues of **$5.24 billion**, also surpassing the estimated **$5.10 billion**.
• An analyst upgrade from Barclays raised Parker-Hannifin's price target from **$750.00 to $776.00**, while the stock currently holds an average rating of **"Moderate Buy"** with a target price of **$763.00**.

Public Sector Pension Investment Board lowered its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 4.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 206,905 shares of the industrial products company's stock after selling 10,759 shares during the quarter. Parker-Hannifin comprises about 0.5% of Public Sector Pension Investment Board's portfolio, making the stock its 29th biggest holding. Public Sector Pension Investment Board owned about 0.16% of Parker-Hannifin worth $125,767,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Parker-Hannifin by 1.6% in the first 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 grew its position in shares of Parker-Hannifin by 99.8% during the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock worth $1,448,241,000 after acquiring an additional 1,137,564 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of Parker-Hannifin by 9.3% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company's stock worth $1,282,294,000 after acquiring an additional 172,064 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Parker-Hannifin by 66,111.8% during the first 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 grew its position in shares of Parker-Hannifin by 17.4% during the fourth 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. Institutional investors and hedge funds own 82.44% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PH shares. Wells Fargo & Company raised their target price on shares of Parker-Hannifin from $770.00 to $800.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Evercore ISI raised their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Parker-Hannifin in a research report on Friday, August 8th. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a research report on Friday, May 16th. Finally, Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $717.00 to $726.00 and gave the company a "hold" rating in a research report on Friday, August 8th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $768.71.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded down $15.47 during midday trading on Friday, hitting $729.87. 268,680 shares of the stock were exchanged, compared to its average volume of 752,412. The stock has a market cap of $93.26 billion, a P/E ratio of 26.93, a PEG ratio of 3.16 and a beta of 1.37. The company has a current ratio of 1.19, a quick ratio of 0.71 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $763.99. The company has a 50 day moving average price of $704.37 and a 200-day moving average price of $658.51.

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

Insider Buying and Selling

In other news, VP Thomas C. Gentile sold 1,133 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $729.50, for a total transaction of $826,523.50. Following the completion of the sale, the vice president owned 5,465 shares in the company, valued at approximately $3,986,717.50. The trade was a 17.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Robert W. Malone sold 2,257 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $730.66, for a total value of $1,649,099.62. Following the sale, the vice president owned 5,866 shares of the company's stock, valued at $4,286,051.56. The trade was a 27.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,414 shares of company stock worth $6,883,931 over the last ninety days. Insiders own 0.39% of the company's stock.

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.