Parker-Hannifin Corp (NYSE:PH) Shares Sold by Bank of Stockton

Bank of Stockton reduced its stake in Parker-Hannifin Corp (NYSE:PH) by 4.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,650 shares of the industrial products company’s stock after selling 370 shares during the period. Bank of Stockton’s holdings in Parker-Hannifin were worth $1,562,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PH. Nuveen Asset Management LLC increased its holdings in Parker-Hannifin by 1,570.0% in the second quarter. Nuveen Asset Management LLC now owns 2,260,165 shares of the industrial products company’s stock valued at $384,251,000 after buying an additional 2,124,824 shares during the last quarter. Beutel Goodman & Co Ltd. increased its holdings in Parker-Hannifin by 99.3% in the second quarter. Beutel Goodman & Co Ltd. now owns 2,529,745 shares of the industrial products company’s stock valued at $326,638,000 after buying an additional 1,260,312 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Parker-Hannifin by 14.5% in the second quarter. JPMorgan Chase & Co. now owns 4,912,823 shares of the industrial products company’s stock valued at $827,567,000 after buying an additional 622,437 shares during the last quarter. Longview Partners Guernsey LTD increased its holdings in Parker-Hannifin by 10.2% in the second quarter. Longview Partners Guernsey LTD now owns 6,642,630 shares of the industrial products company’s stock valued at $1,129,314,000 after buying an additional 616,196 shares during the last quarter. Finally, Thoroughbred Financial Services LLC increased its holdings in Parker-Hannifin by 17,582.8% in the second quarter. Thoroughbred Financial Services LLC now owns 511,563 shares of the industrial products company’s stock valued at $51,156,000 after buying an additional 508,670 shares during the last quarter. Institutional investors and hedge funds own 80.62% of the company’s stock.

PH has been the subject of several recent research reports. Bank of America downgraded shares of Parker-Hannifin from a “buy” rating to a “neutral” rating in a research note on Friday, July 12th. Goldman Sachs Group downgraded shares of Parker-Hannifin from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $178.00 to $150.00 in a research report on Tuesday, July 16th. JPMorgan Chase & Co. downgraded shares of Parker-Hannifin from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $186.00 to $169.00 in a research report on Wednesday, July 10th. Morgan Stanley raised their price objective on shares of Parker-Hannifin from $173.00 to $177.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Zacks Investment Research downgraded shares of Parker-Hannifin from a “hold” rating to a “sell” rating and set a $180.00 price objective for the company. in a research report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $175.60.

PH stock opened at $187.49 on Thursday. The firm has a 50 day moving average of $177.62 and a 200-day moving average of $171.83. Parker-Hannifin Corp has a 12-month low of $140.82 and a 12-month high of $190.97. The company has a current ratio of 2.43, a quick ratio of 1.90 and a debt-to-equity ratio of 1.09. The company has a market cap of $24.02 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 1.74 and a beta of 1.57.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $3.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.09 by $0.22. Parker-Hannifin had a net margin of 10.56% and a return on equity of 26.11%. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.69 billion. During the same period last year, the firm earned $3.22 EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. Sell-side analysts forecast that Parker-Hannifin Corp will post 11.77 earnings per share for the current fiscal year.

In other news, COO Lee C. Banks sold 18,989 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $180.95, for a total transaction of $3,436,059.55. Following the completion of the transaction, the chief operating officer now directly owns 92,617 shares of the company’s stock, valued at approximately $16,759,046.15. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas L. Williams sold 32,109 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $180.68, for a total transaction of $5,801,454.12. Following the transaction, the chief executive officer now directly owns 130,176 shares of the company’s stock, valued at $23,520,199.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,234 shares of company stock valued at $10,722,479. Corporate insiders own 1.23% of the company’s stock.

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 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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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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