Parker-Hannifin Corporation (NYSE: PH) Vice President Dinu Parel recently sold 1,316 shares of the company’s stock in a transaction dated February 2, 2023. The shares were sold at an average price of $950.05, amounting to a total value of $1,250,265.80. Following this sale, Parel now holds 6,534 shares in Parker-Hannifin, which are valued at approximately $6,207,626.70. This transaction reflects a 16.76% decrease in Parel’s stock position.
The details of the sale were disclosed in a legal filing with the U.S. Securities and Exchange Commission (SEC).
Parker-Hannifin Stock Performance and Financial Overview
As of Thursday, shares of Parker-Hannifin opened at $968.36. The company boasts a market capitalization of $122.23 billion and a price-to-earnings (P/E) ratio of 35.32. The price-to-earnings-growth ratio stands at 3.29, indicating a moderate growth expectation, while the stock’s beta is recorded at 1.25, suggesting higher volatility compared to the broader market.
Parker-Hannifin’s performance metrics reveal a 50-day moving average of $903.97 and a 200-day moving average of $812.05. The company maintains a debt-to-equity ratio of 0.52, a current ratio of 1.18, and a quick ratio of 0.66. Over the past year, the stock has fluctuated between a low of $488.45 and a high of $979.44.
In its most recent quarterly earnings report, released on January 29, 2023, Parker-Hannifin reported earnings per share of $7.65, surpassing the consensus estimate of $7.11 by $0.54. The company’s revenue for the quarter reached $5.17 billion, exceeding analyst predictions of $5.07 billion. The firm achieved a net margin of 17.29% and a return on equity of 27.56%. This quarterly revenue reflects a year-over-year increase of 9.1%, compared to $6.53 earnings per share during the same quarter last year. Analysts forecast that Parker-Hannifin will post earnings per share of $26.71 for the current fiscal year.
Recent Institutional Trading Activity
Recent trading activity shows several institutional investors adjusting their positions in Parker-Hannifin. Quadrant Capital Group LLC increased its stake by 20.1%, now holding 3,610 shares valued at $2,521,000 after acquiring an additional 604 shares. Notably, Procyon Advisors LLC expanded its holdings by an astounding 158,565.9% during the third quarter, now owning 5,069,374 shares worth approximately $3,843,346,000.
Additionally, Bank Julius Baer & Co. Ltd Zurich bought a new position valued at approximately $733,000, while Wilkinson Global Asset Management LLC raised its position by 28.2%, amassing 48,434 shares valued at $36,720,000. Pacific Heights Asset Management LLC also increased its stake by 3.2%, now holding 65,000 shares worth $49,280,000. Currently, approximately 82.44% of Parker-Hannifin’s stock is owned by institutional investors and hedge funds.
Recent analyst reports have provided mixed perspectives on Parker-Hannifin. Industrial Alliance Securities set a target price of $1,032.00 in a report dated January 29, while Argus reiterated a “buy” rating with a price objective of $900.00. Furthermore, Wall Street Zen upgraded Parker-Hannifin from a “hold” to a “buy” rating. BNP Paribas Exane began coverage with an “outperform” rating and a target price of $1,020.00, and Barclays enhanced their price target from $990.00 to $1,020.00 with an “overweight” rating. Currently, seventeen analysts have rated the stock as a “buy,” while four have issued a “hold” rating.
As Parker-Hannifin continues to make significant strides in the industrial sector, stakeholders will be closely monitoring its stock performance and potential future developments.
