Sheaff Brock Investment Advisors LLC Decreases Stock Position 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 cut its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 2.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,657 shares of the industrial products company's stock after selling 385 shares during the period. Parker-Hannifin comprises about 0.8% of Sheaff Brock Investment Advisors LLC's holdings, making the stock its 24th largest holding. Sheaff Brock Investment Advisors LLC's holdings in Parker-Hannifin were worth $8,909,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Manhattan CO. LLC. lifted its holdings in 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 buying an additional 15 shares during the last quarter. Becker Capital Management Inc. lifted its holdings in Parker-Hannifin by 3.4% during the 4th quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company's stock worth $307,000 after buying an additional 16 shares during the last quarter. Citizens National Bank Trust Department lifted its holdings in Parker-Hannifin by 8.5% during the 1st quarter. Citizens National Bank Trust Department now owns 217 shares of the industrial products company's stock worth $132,000 after buying an additional 17 shares during the last quarter. Sunbelt Securities Inc. lifted its holdings in Parker-Hannifin by 1.6% during the 1st quarter. Sunbelt Securities Inc. now owns 1,175 shares of the industrial products company's stock worth $714,000 after buying an additional 18 shares during the last quarter. Finally, Argonautica Private Wealth Management Inc. lifted its holdings in Parker-Hannifin by 0.4% during the 1st quarter. Argonautica Private Wealth Management Inc. now owns 4,095 shares of the industrial products company's stock worth $2,489,000 after buying an additional 18 shares during the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction that occurred 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 sale, the vice president owned 2,083 shares of the company's stock, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.39% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on PH shares. Wolfe Research downgraded Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Morgan Stanley lifted their price target on Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Citigroup reaffirmed a "buy" rating and set a $831.00 price target (up from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Barclays lifted their target price on Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Finally, Stifel Nicolaus lifted their target price on Parker-Hannifin from $709.00 to $717.00 and gave the stock a "hold" rating in a research report on Monday, July 21st. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $739.59.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $737.90 on Monday. The stock has a market capitalization of $94.29 billion, a PE ratio of 28.41, a price-to-earnings-growth ratio of 3.15 and a beta of 1.34. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $740.83. The stock's 50-day moving average price is $686.08 and its 200 day moving average price is $651.77. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $4.99 billion. During the same quarter in the previous year, the company earned $6.51 EPS. The firm's revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.