Parker-Hannifin Co. (NYSE:PH) Shares Sold by AdvisorNet Financial Inc

AdvisorNet Financial Inc decreased its position in shares of Parker-Hannifin Co. (NYSE:PH) by 1.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,889 shares of the industrial products company’s stock after selling 55 shares during the period. AdvisorNet Financial Inc’s holdings in Parker-Hannifin were worth $1,461,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PH. Norges Bank purchased a new position in Parker-Hannifin during the 4th quarter worth $665,188,000. Kodai Capital Management LP acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth about $122,449,000. 1832 Asset Management L.P. grew its holdings in shares of Parker-Hannifin by 305.0% during the first quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock worth $171,069,000 after buying an additional 231,788 shares during the last quarter. AMF Tjanstepension AB increased its position in Parker-Hannifin by 23.0% in the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after acquiring an additional 141,862 shares during the period. Finally, Groupama Asset Managment acquired a new stake in Parker-Hannifin during the 4th quarter worth approximately $63,043,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

Parker-Hannifin stock traded up $11.98 during midday trading on Thursday, reaching $590.37. 421,428 shares of the company were exchanged, compared to its average volume of 667,931. The firm’s 50-day simple moving average is $529.16 and its 200-day simple moving average is $533.73. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $593.28. The company has a market capitalization of $75.89 billion, a price-to-earnings ratio of 27.91, a P/E/G ratio of 2.16 and a beta of 1.44. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The business had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same period in the previous year, the firm posted $6.08 earnings per share. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, analysts anticipate that Parker-Hannifin Co. will post 26.58 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PH. Barclays dropped their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Robert W. Baird increased their price objective on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Stifel Nicolaus reduced their target price on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Argus upped their price target on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Finally, Truist Financial reiterated a “buy” rating and issued a $673.00 price objective (up previously from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $615.43.

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.