TD Asset Management Inc. decreased its position in shares of Parker-Hannifin Corp (NYSE:PH) by 4.9% during the second quarter, Holdings Channel reports. The fund owned 201,303 shares of the industrial products company’s stock after selling 10,422 shares during the period. TD Asset Management Inc.’s holdings in Parker-Hannifin were worth $34,223,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of PH. Pendal Group Ltd purchased a new stake in shares of Parker-Hannifin in the 2nd quarter worth approximately $1,139,000. Westpac Banking Corp grew its stake in shares of Parker-Hannifin by 58.7% in the 2nd quarter. Westpac Banking Corp now owns 15,100 shares of the industrial products company’s stock worth $2,567,000 after buying an additional 5,588 shares during the last quarter. Charter Trust Co. grew its stake in shares of Parker-Hannifin by 7.4% in the 2nd quarter. Charter Trust Co. now owns 7,991 shares of the industrial products company’s stock worth $1,359,000 after buying an additional 551 shares during the last quarter. Stevens Capital Management LP grew its stake in shares of Parker-Hannifin by 18.9% in the 2nd quarter. Stevens Capital Management LP now owns 41,229 shares of the industrial products company’s stock worth $7,009,000 after buying an additional 6,540 shares during the last quarter. Finally, Olstein Capital Management L.P. grew its stake in shares of Parker-Hannifin by 3.0% in the 2nd quarter. Olstein Capital Management L.P. now owns 27,800 shares of the industrial products company’s stock worth $4,726,000 after buying an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 79.78% of the company’s stock.
PH traded up $3.51 during trading on Friday, hitting $161.13. 11,949 shares of the company’s stock traded hands, compared to its average volume of 881,989. The company’s 50 day simple moving average is $168.59 and its two-hundred day simple moving average is $170.87. The company has a current ratio of 2.43, a quick ratio of 1.90 and a debt-to-equity ratio of 1.09. Parker-Hannifin Corp has a 12-month low of $140.82 and a 12-month high of $193.19. The stock has a market capitalization of $21.25 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 1.52 and a beta of 1.53.
Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, August 1st. The industrial products company reported $3.31 EPS for the quarter, beating the consensus estimate of $3.09 by $0.22. Parker-Hannifin had a return on equity of 26.11% and a net margin of 10.56%. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.69 billion. During the same period last year, the business posted $3.22 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. On average, equities analysts expect that Parker-Hannifin Corp will post 11.96 EPS for the current year.
In other Parker-Hannifin news, VP Robert W. Malone sold 336 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $156.76, for a total transaction of $52,671.36. Following the sale, the vice president now directly owns 24,260 shares in the company, valued at approximately $3,802,997.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.12% of the company’s stock.
PH has been the topic of several recent research reports. Goldman Sachs Group downgraded Parker-Hannifin from a “neutral” rating to a “sell” rating and cut their price target for the stock from $178.00 to $150.00 in a research note on Tuesday, July 16th. Zacks Investment Research downgraded Parker-Hannifin from a “hold” rating to a “sell” rating and set a $180.00 price target on the stock. in a research note on Wednesday, July 17th. JPMorgan Chase & Co. downgraded Parker-Hannifin from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $186.00 to $169.00 in a research note on Wednesday, July 10th. Morgan Stanley upped their price target on Parker-Hannifin from $173.00 to $177.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, Citigroup upped their price target on Parker-Hannifin from $178.00 to $190.00 and gave the stock a “neutral” rating in a research note on Monday, May 6th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $176.55.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
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