Lazard Asset Management LLC trimmed its holdings in Parker-Hannifin Co. (NYSE:PH – Free Report) by 42.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 137,214 shares of the industrial products company’s stock after selling 101,389 shares during the period. Lazard Asset Management LLC owned 0.11% of Parker-Hannifin worth $76,261,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $665,188,000. Alphinity Investment Management Pty Ltd boosted its stake in shares of Parker-Hannifin by 42.2% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after purchasing an additional 336,370 shares during the last quarter. Kodai Capital Management LP purchased a new position in shares of Parker-Hannifin during the 4th quarter worth about $122,449,000. 1832 Asset Management L.P. lifted its holdings in shares of Parker-Hannifin by 305.0% during the 1st quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock worth $171,069,000 after acquiring an additional 231,788 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in shares of Parker-Hannifin by 65,634.7% during the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after acquiring an additional 219,220 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.
Parker-Hannifin Stock Performance
Parker-Hannifin stock traded up $9.48 during mid-day trading on Friday, reaching $554.61. The company’s stock had a trading volume of 544,023 shares, compared to its average volume of 766,415. The firm has a market cap of $71.29 billion, a price-to-earnings ratio of 26.14, a PEG ratio of 2.12 and a beta of 1.44. The business has a 50 day moving average price of $524.66 and a 200-day moving average price of $526.32. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $570.15.
Insider Activity at Parker-Hannifin
In related news, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the sale, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin 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 in the company, valued at $2,305,170. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Jay Reidy sold 572 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now owns 1,137 shares in the company, valued at $609,989.13. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts recently commented on the stock. Mizuho upgraded shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and raised their price target for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Bank of America raised their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Raymond James assumed coverage on shares of Parker-Hannifin in a report on Friday, June 28th. They issued an “outperform” rating and a $610.00 price target on the stock. Barclays cut their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Finally, Wells Fargo & Company dropped their price objective on shares of Parker-Hannifin from $630.00 to $600.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 10th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $576.27.
Check Out Our Latest Stock Analysis on Parker-Hannifin
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.
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