Parker-Hannifin Co. (NYSE:PH) Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lessened its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 2.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,289 shares of the industrial products company’s stock after selling 749 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Parker-Hannifin were worth $13,803,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. NorthCrest Asset Manangement LLC boosted its position in Parker-Hannifin by 0.5% during the second quarter. NorthCrest Asset Manangement LLC now owns 60,383 shares of the industrial products company’s stock worth $30,542,000 after purchasing an additional 300 shares in the last quarter. Wedmont Private Capital boosted its position in Parker-Hannifin by 6.2% during the second quarter. Wedmont Private Capital now owns 2,180 shares of the industrial products company’s stock worth $1,173,000 after purchasing an additional 127 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in Parker-Hannifin by 4.6% during the second quarter. Sequoia Financial Advisors LLC now owns 47,134 shares of the industrial products company’s stock worth $23,841,000 after purchasing an additional 2,076 shares in the last quarter. LVW Advisors LLC boosted its position in Parker-Hannifin by 96.3% during the second quarter. LVW Advisors LLC now owns 1,710 shares of the industrial products company’s stock worth $865,000 after purchasing an additional 839 shares in the last quarter. Finally, Strong Tower Advisory Services boosted its position in Parker-Hannifin by 10.4% during the second quarter. Strong Tower Advisory Services now owns 4,638 shares of the industrial products company’s stock worth $2,346,000 after purchasing an additional 437 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

NYSE:PH traded up $6.12 during trading hours on Wednesday, reaching $577.65. 248,825 shares of the stock were exchanged, compared to its average volume of 666,678. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The firm has a 50 day simple moving average of $528.06 and a 200-day simple moving average of $533.41. Parker-Hannifin Co. has a 52 week low of $362.49 and a 52 week high of $579.25. The stock has a market capitalization of $74.25 billion, a P/E ratio of 26.93, a P/E/G ratio of 1.98 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.22 by $0.55. The business had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business’s revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the business posted $6.08 EPS. As a group, sell-side analysts forecast that Parker-Hannifin Co. will post 24.85 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently weighed in on PH shares. Truist Financial reiterated a “buy” rating and set a $673.00 target price (up from $621.00) on shares of Parker-Hannifin 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 on the stock in a research report on Thursday, July 18th. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and increased their target price for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Raymond James started coverage on Parker-Hannifin in a research report on Friday, June 28th. They set an “outperform” rating and a $610.00 target price on the stock. Finally, Barclays reduced their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average target price of $615.43.

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.