Jackson Wealth Management LLC Sells 1,903 Shares of Parker-Hannifin Co. (NYSE:PH)

Jackson Wealth Management LLC reduced its position in Parker-Hannifin Co. (NYSE:PH) by 42.5% in the second quarter, Holdings Channel.com reports. The fund owned 2,578 shares of the industrial products company’s stock after selling 1,903 shares during the quarter. Jackson Wealth Management LLC’s holdings in Parker-Hannifin were worth $1,304,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Harbor Investment Advisory LLC lifted its position in Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 20 shares during the last quarter. Sachetta LLC purchased a new stake in shares of Parker-Hannifin in the 4th quarter valued at $25,000. Northwest Investment Counselors LLC purchased a new stake in shares of Parker-Hannifin in the 1st quarter valued at $31,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Parker-Hannifin in the 4th quarter valued at $26,000. Finally, First United Bank & Trust purchased a new stake in shares of Parker-Hannifin in the 4th quarter valued at $29,000. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Stock Down 3.0 %

PH stock traded down $16.03 during trading on Friday, hitting $518.51. 700,329 shares of the stock traded hands, compared to its average volume of 693,356. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $570.15. The firm’s 50 day moving average is $524.99 and its two-hundred day moving average is $529.18. The stock has a market cap of $66.65 billion, a price-to-earnings ratio of 24.43, a price-to-earnings-growth ratio of 2.04 and a beta of 1.44. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating the consensus estimate of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the prior year, the firm posted $5.93 EPS. Parker-Hannifin’s revenue for the quarter was up .3% on a year-over-year basis. On average, sell-side analysts anticipate that Parker-Hannifin Co. will post 24.85 EPS for the current year.

Wall Street Analysts Forecast Growth

PH has been the subject of a number of research reports. Truist Financial upped their price objective on shares of Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Stifel Nicolaus lowered their price target on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Raymond James started coverage on shares of Parker-Hannifin in a report on Friday, June 28th. They set an “outperform” rating and a $610.00 price target for the company. Barclays lowered their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Finally, Mizuho upgraded shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their price target for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $584.21.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 1,079 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the sale, the vice president now directly owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.03% of the stock is currently owned by insiders.

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.