Lord Abbett & CO. LLC Sells 31,600 Shares of Parker-Hannifin Corporation (NYSE:PH)

Lord Abbett & CO. LLC decreased its position in Parker-Hannifin Corporation (NYSE:PH) by 6.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 464,509 shares of the industrial products company’s stock after selling 31,600 shares during the period. Parker-Hannifin comprises approximately 1.0% of Lord Abbett & CO. LLC’s portfolio, making the stock its 16th biggest holding. Lord Abbett & CO. LLC’s holdings in Parker-Hannifin were worth $282,352,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Mpwm Advisory Solutions LLC bought a new stake in Parker-Hannifin in the fourth quarter valued at $32,000. Olde Wealth Management LLC purchased a new position in Parker-Hannifin during the first quarter valued at $35,000. Chilton Capital Management LLC lifted its position in Parker-Hannifin by 1,500.0% during the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company’s stock valued at $39,000 after buying an additional 60 shares during the period. Accent Capital Management LLC purchased a new position in Parker-Hannifin during the first quarter valued at $41,000. Finally, Sierra Ocean LLC lifted its position in Parker-Hannifin by 89.5% during the first quarter. Sierra Ocean LLC now owns 72 shares of the industrial products company’s stock valued at $44,000 after buying an additional 34 shares during the period. Institutional investors own 82.44% of the company’s stock.

Insiders Place Their Bets

In other news, VP Matthew A. Jacobson sold 575 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $733.06, for a total transaction of $421,509.50. Following the sale, the vice president directly owned 1,000 shares of the company’s stock, valued at $733,060. This represents a 36.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Andrew D. Ross sold 4,361 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $732.66, for a total value of $3,195,130.26. Following the sale, the chief operating officer directly owned 13,120 shares in the company, valued at $9,612,499.20. This trade represents a 24.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,414 shares of company stock worth $6,883,931 over the last ninety days. 0.39% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PH has been the subject of several recent research reports. KeyCorp raised their price objective on Parker-Hannifin from $790.00 to $810.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Argus set a $680.00 price objective on Parker-Hannifin in a research report on Tuesday, May 6th. Evercore ISI lifted their price target on Parker-Hannifin from $824.00 to $827.00 and gave the stock an “outperform” rating in a research report on Monday, May 19th. Stifel Nicolaus lifted their price target on Parker-Hannifin from $717.00 to $726.00 and gave the stock a “hold” rating in a research report on Friday, August 8th. Finally, Wells Fargo & Company lifted their price target on Parker-Hannifin from $770.00 to $800.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus price target of $763.00.

Parker-Hannifin Trading Up 1.4%

Shares of NYSE:PH opened at $762.20 on Thursday. The stock has a 50 day moving average of $702.68 and a 200 day moving average of $657.94. The company has a market cap of $97.39 billion, a PE ratio of 28.10, a price-to-earnings-growth ratio of 3.12 and a beta of 1.37. The company has a current ratio of 1.19, a quick ratio of 0.71 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $763.99.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, August 7th. The industrial products company reported $7.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.08 by $0.61. The company had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.10 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.79%. The firm’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $6.77 EPS. As a group, equities research analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

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 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.