Parker-Hannifin (PH) Downgraded by Argus
Parker-Hannifin (NYSE:PH) was downgraded by equities research analysts at Argus from a “buy” rating to a “hold” rating in a report released on Tuesday, The Fly reports.
Several other equities analysts have also issued reports on PH. Buckingham Research decreased their price target on Parker-Hannifin from $210.00 to $195.00 and set a “hold” rating on the stock in a research note on Friday, April 27th. Citigroup decreased their price target on Parker-Hannifin from $205.00 to $180.00 and set a “neutral” rating on the stock in a research note on Monday, April 30th. Wells Fargo & Co reiterated a “buy” rating on shares of Parker-Hannifin in a research note on Tuesday, May 29th. ValuEngine lowered Parker-Hannifin from a “hold” rating to a “sell” rating in a research note on Friday, June 22nd. Finally, Wolfe Research initiated coverage on Parker-Hannifin in a research note on Wednesday, June 27th. They issued a “market perform” rating on the stock. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $189.50.
Shares of PH opened at $167.28 on Tuesday. Parker-Hannifin has a 52-week low of $152.47 and a 52-week high of $212.80. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.08 and a current ratio of 1.59. The firm has a market capitalization of $22.34 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 1.31 and a beta of 1.42.
In related news, VP Thomas C. Gentile sold 570 shares of the firm’s stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $176.73, for a total transaction of $100,736.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Kurt A. Keller sold 7,005 shares of the firm’s stock in a transaction on Monday, May 21st. The shares were sold at an average price of $182.04, for a total value of $1,275,190.20. Following the sale, the vice president now directly owns 31,834 shares in the company, valued at approximately $5,795,061.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,723 shares of company stock worth $1,752,106. 1.12% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Ashfield Capital Partners LLC grew its holdings in Parker-Hannifin by 11.0% during the 1st quarter. Ashfield Capital Partners LLC now owns 21,791 shares of the industrial products company’s stock worth $3,727,000 after acquiring an additional 2,164 shares in the last quarter. Fort Washington Investment Advisors Inc. OH grew its holdings in Parker-Hannifin by 28.8% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 1,452 shares of the industrial products company’s stock worth $248,000 after acquiring an additional 325 shares in the last quarter. Dean Capital Investments Management LLC acquired a new position in Parker-Hannifin during the 1st quarter worth approximately $267,000. NuWave Investment Management LLC grew its holdings in Parker-Hannifin by 7,252.9% during the 1st quarter. NuWave Investment Management LLC now owns 1,250 shares of the industrial products company’s stock worth $211,000 after acquiring an additional 1,233 shares in the last quarter. Finally, Thomaspartners Inc. grew its holdings in Parker-Hannifin by 1.1% during the 1st quarter. Thomaspartners Inc. now owns 1,347,892 shares of the industrial products company’s stock worth $230,530,000 after acquiring an additional 15,072 shares in the last quarter. 80.00% of the stock is currently owned by hedge funds and other institutional investors.
Parker-Hannifin Company Profile
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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