Parker-Hannifin Corporation (NYSE:PH) Shares Sold by Tredje AP fonden

Key Points

• Tredje AP fonden reduced its holdings in Parker-Hannifin by 63.5%, owning 20,000 shares valued at $12.16 million, after selling 34,842 shares in the first quarter.
• Parker-Hannifin reported earnings of $6.94 per share, surpassing analyst expectations by $0.22, with quarterly revenue of $4.96 billion.
• Brokerages have raised their price targets for Parker-Hannifin, with KeyCorp increasing its target from $735 to $790 and maintaining an "overweight" rating.

Tredje AP fonden trimmed its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 63.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,000 shares of the industrial products company's stock after selling 34,842 shares during the period. Tredje AP fonden's holdings in Parker-Hannifin were worth $12,157,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC raised its stake in shares of Parker-Hannifin by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company's stock worth $1,699,580,000 after buying an additional 99,261 shares during the period. Invesco Ltd. raised its stake in shares of Parker-Hannifin by 8.6% in the fourth quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company's stock worth $1,591,810,000 after buying an additional 198,292 shares during the period. Royal Bank of Canada raised its stake in shares of 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 raised its stake in shares of 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. Finally, GAMMA Investing LLC raised its stake in shares of 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. 82.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on PH. Truist Financial decreased their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. KeyCorp lifted their price objective on Parker-Hannifin from $735.00 to $790.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Morgan Stanley lifted their price objective on Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Wells Fargo & Company lifted their price objective on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Finally, Citigroup reaffirmed a "buy" rating and issued a $831.00 price objective (up previously from $709.00) on shares of Parker-Hannifin in a research note on Monday, July 14th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Parker-Hannifin has an average rating of "Moderate Buy" and an average price target of $739.59.

Parker-Hannifin Stock Down 2.8%

Shares of PH traded down $20.40 during trading hours on Friday, hitting $711.50. The company had a trading volume of 903,021 shares, compared to its average volume of 478,697. The company has a market capitalization of $90.92 billion, a PE ratio of 27.40, a price-to-earnings-growth ratio of 3.12 and a beta of 1.37. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $745.34. The company's fifty day moving average price is $692.39 and its two-hundred day moving average price is $654.75.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced 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. 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 period in the prior year, the company posted $6.51 EPS. The firm's quarterly revenue was down 2.2% compared to the same quarter last year. 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.