Raleigh Capital Management Inc. Reduces Position in Parker-Hannifin Co. (NYSE:PH)

Raleigh Capital Management Inc. lowered its position in Parker-Hannifin Co. (NYSE:PH) by 5.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,185 shares of the industrial products company’s stock after selling 117 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Parker-Hannifin were worth $1,390,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. ProShare Advisors LLC boosted its stake in Parker-Hannifin by 7.0% during the 2nd quarter. ProShare Advisors LLC now owns 20,137 shares of the industrial products company’s stock worth $10,185,000 after purchasing an additional 1,323 shares during the period. Gabelli Funds LLC boosted its stake in shares of Parker-Hannifin by 0.3% during the second quarter. Gabelli Funds LLC now owns 13,704 shares of the industrial products company’s stock worth $6,932,000 after buying an additional 44 shares during the period. Evergreen Capital Management LLC grew its holdings in shares of Parker-Hannifin by 3.3% during the second quarter. Evergreen Capital Management LLC now owns 692 shares of the industrial products company’s stock worth $350,000 after buying an additional 22 shares during the last quarter. Marshall Wace LLP acquired a new position in Parker-Hannifin in the 2nd quarter valued at about $23,600,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in Parker-Hannifin by 475.5% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,836 shares of the industrial products company’s stock valued at $929,000 after acquiring an additional 1,517 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Thomas C. Gentile sold 2,430 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the sale, the vice president now owns 5,465 shares in the company, valued at approximately $3,831,839.40. This trade represents a 30.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following the sale, the chief operating officer now owns 13,120 shares in the company, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,077 shares of company stock worth $12,303,829 over the last three months. 0.39% of the stock is currently owned by corporate insiders.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $674.15 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The company’s 50-day moving average price is $669.12 and its 200 day moving average price is $622.74. Parker-Hannifin Co. has a 52 week low of $463.16 and a 52 week high of $712.42. The stock has a market cap of $86.78 billion, a price-to-earnings ratio of 30.45, a PEG ratio of 2.78 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, beating the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The company’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the business earned $5.96 earnings per share. As a group, research analysts forecast that Parker-Hannifin Co. will post 26.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Barclays boosted their target price on Parker-Hannifin from $703.00 to $800.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Mizuho upped their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Truist Financial lifted their target price on shares of Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a report on Thursday, December 19th. TD Cowen increased their price target on shares of Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Finally, Stifel Nicolaus lowered Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price objective on the stock. in a report on Monday, November 18th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus price target of $722.94.

Parker-Hannifin 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.