Russell Investments Group Ltd. Sells 2,202 Shares of Parker-Hannifin Corporation $PH

Key Points

• Russell Investments Group Ltd. decreased its stake in Parker-Hannifin Corporation by 2.6%, now holding 83,801 shares valued at approximately $50.90 million.
• Several analysts have raised their target prices for Parker-Hannifin, with a consensus target price now at $763.00 and a rating of "Moderate Buy".
• During the last quarter, insider transactions included COO Andrew D. Ross selling 4,361 shares, indicating shifts in management ownership.

Russell Investments Group Ltd. reduced its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 2.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 83,801 shares of the industrial products company's stock after selling 2,202 shares during the quarter. Russell Investments Group Ltd. owned 0.07% of Parker-Hannifin worth $50,895,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of 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 acquiring an additional 168,990 shares during the period. Royal Bank of Canada lifted its holdings in Parker-Hannifin by 99.8% in 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 buying an additional 1,137,564 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in Parker-Hannifin by 9.3% in 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 buying an additional 172,064 shares during the period. GAMMA Investing LLC lifted its holdings in Parker-Hannifin by 66,111.8% in 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 buying an additional 1,732,791 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Parker-Hannifin by 17.4% in 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 buying an additional 237,634 shares during the period. 82.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on PH shares. Argus set a $680.00 price objective on shares of Parker-Hannifin in a report on Tuesday, May 6th. Barclays raised their price objective on shares of Parker-Hannifin from $750.00 to $776.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Citigroup restated a "buy" rating and issued a $831.00 price objective (up from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Evercore ISI upped their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Finally, Raymond James Financial set a $845.00 price objective on shares of Parker-Hannifin and gave the stock an "outperform" rating in a 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $768.71.

Insider Buying and Selling

In other news, COO Andrew D. Ross sold 4,361 shares of Parker-Hannifin stock in a transaction on 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 transaction, the chief operating officer owned 13,120 shares in the company, valued at $9,612,499.20. This trade represents a 24.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Thomas C. Gentile sold 1,133 shares of Parker-Hannifin stock in a transaction on Friday, August 8th. The stock was sold at an average price of $729.50, for a total transaction of $826,523.50. Following the transaction, the vice president owned 5,465 shares in the company, valued at $3,986,717.50. This represents a 17.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,414 shares of company stock valued at $6,883,931 in the last ninety days. Corporate insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Up 0.7%

Shares of PH traded up $4.94 on Monday, hitting $734.90. 163,709 shares of the stock traded hands, compared to its average volume of 751,531. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $763.99. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.71 and a current ratio of 1.19. The business has a 50 day simple moving average of $705.53 and a 200 day simple moving average of $658.60. The company has a market capitalization of $93.91 billion, a PE ratio of 27.10, a P/E/G ratio of 3.03 and a beta of 1.37.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its 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. Parker-Hannifin had a net margin of 17.79% and a return on equity of 26.80%. The company had revenue of $5.24 billion for the quarter, compared to analysts' expectations of $5.10 billion. During the same quarter last year, the company posted $6.77 earnings per share. The firm's quarterly revenue was up 1.1% on a year-over-year basis. As a group, equities analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

About Parker-Hannifin

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.