Sheaff Brock Investment Advisors LLC Trims Holdings in Parker-Hannifin Corporation (NYSE:PH)

Key Points

• Sheaff Brock Investment Advisors LLC has decreased its stake in Parker-Hannifin Corporation by 2.6%, now holding 14,657 shares valued at approximately $8.9 million, making it the 24th largest holding in their portfolio.
• Insider transactions were noted, including VP Jay Reidy selling 150 shares for approximately $93,056, reducing his holdings by 6.72% and retaining 2,083 shares valued at about $1.29 million.
• Analyst ratings reflect mixed sentiments, with Wolfe Research downgrading the stock while other firms like Citigroup and Barclays raised their price targets, leading to a consensus rating of "Moderate Buy" with an average target price of $739.59.

Sheaff Brock Investment Advisors LLC lowered its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 2.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,657 shares of the industrial products company's stock after selling 385 shares during the period. Parker-Hannifin makes up about 0.8% of Sheaff Brock Investment Advisors LLC's holdings, making the stock its 24th biggest position. Sheaff Brock Investment Advisors LLC's holdings in Parker-Hannifin were worth $8,909,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in PH. Aster Capital Management DIFC Ltd acquired a new stake in Parker-Hannifin in the fourth quarter valued at approximately $25,000. Mpwm Advisory Solutions LLC acquired a new stake in Parker-Hannifin in the fourth quarter valued at approximately $32,000. Olde Wealth Management LLC acquired a new stake in Parker-Hannifin in the first quarter valued at approximately $35,000. Chilton Capital Management LLC grew its stake in Parker-Hannifin by 1,500.0% in the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 60 shares during the period. Finally, Meeder Asset Management Inc. grew its stake in Parker-Hannifin by 214.3% in the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock valued at $42,000 after acquiring an additional 45 shares during the period. Institutional investors and hedge funds own 82.44% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Truist Financial reduced their price objective on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Mizuho set a $785.00 target price on Parker-Hannifin in a research report on Friday, May 16th. Wells Fargo & Company lifted their target price on Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Citigroup reaffirmed a "buy" rating and set a $831.00 target price (up previously from $709.00) on shares of Parker-Hannifin in a research report on Monday, July 14th. Finally, Wolfe Research cut Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $739.59.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the transaction, the vice president directly owned 2,083 shares in the company, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Performance

Shares of PH traded down $0.02 during mid-day trading on Thursday, hitting $732.01. The stock had a trading volume of 169,342 shares, compared to its average volume of 741,943. The firm has a market cap of $93.53 billion, a P/E ratio of 28.19, a PEG ratio of 3.14 and a beta of 1.34. The business has a fifty day moving average price of $689.76 and a 200-day moving average price of $653.65. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $745.34.

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