Vestcor Inc Has $3.51 Million Stock Position in Parker-Hannifin Corporation (NYSE:PH)

Vestcor Inc reduced its stake in Parker-Hannifin Corporation (NYSE:PH) by 1.7% during the 1st quarter, Holdings Channel reports. The firm owned 5,766 shares of the industrial products company’s stock after selling 101 shares during the period. Vestcor Inc’s holdings in Parker-Hannifin were worth $3,505,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. SG Americas Securities LLC boosted its holdings in Parker-Hannifin by 27.2% during the first quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company’s stock worth $18,850,000 after buying an additional 6,630 shares during the last quarter. Alley Investment Management Company LLC bought a new position in Parker-Hannifin during the 1st quarter worth approximately $7,996,000. Community Financial Services Group LLC boosted its stake in Parker-Hannifin by 1,338.2% during the 1st quarter. Community Financial Services Group LLC now owns 6,630 shares of the industrial products company’s stock worth $4,030,000 after acquiring an additional 6,169 shares during the last quarter. Heartland Bank & Trust Co acquired a new position in Parker-Hannifin during the first quarter valued at approximately $260,000. Finally, Systematic Alpha Investments LLC bought a new stake in Parker-Hannifin in the fourth quarter valued at approximately $712,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the sale, the vice president owned 2,083 shares in the company, valued at $1,292,230.71. This represents a 6.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.39% of the stock is currently owned by corporate insiders.

Parker-Hannifin Trading Down 0.4%

Shares of NYSE:PH opened at $731.89 on Thursday. The company’s 50-day moving average price is $689.76 and its two-hundred day moving average price is $653.65. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $745.34. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. The stock has a market capitalization of $93.52 billion, a PE ratio of 28.18, a price-to-earnings-growth ratio of 3.14 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) 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 business had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the previous year, the business earned $6.51 earnings per share. Parker-Hannifin’s quarterly revenue was down 2.2% on a year-over-year basis. On average, equities analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PH has been the topic of a number of recent analyst reports. Morgan Stanley lifted their price target on shares of Parker-Hannifin from $700.00 to $725.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 9th. Citigroup reiterated a “buy” rating and set a $831.00 target price (up from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Stifel Nicolaus boosted their target price on Parker-Hannifin from $709.00 to $717.00 and gave the company a “hold” rating in a research note on Monday, July 21st. Wolfe Research lowered Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research report on Thursday, April 3rd. Finally, Mizuho set a $785.00 price objective on Parker-Hannifin in a research report on Friday, May 16th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $739.59.

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.