Parker-Hannifin VP Dinu Parel Divests 1,316 Shares in Company

Parker-Hannifin Corporation (NYSE:PH) Vice President Dinu Parel sold 1,316 shares of the company’s stock on February 2, 2024, in a transaction valued at $1,250,265.80. The shares were sold at an average price of $950.05 each. Following this sale, Parel now holds a total of 6,534 shares in the company, equating to an estimated value of $6,207,626.70. This transaction reflects a decrease of 16.76% in Parel’s stake in Parker-Hannifin.

The sale was officially disclosed in a filing with the U.S. Securities and Exchange Commission (SEC), providing transparency regarding insider trading activities.

Parker-Hannifin Stock Performance and Financial Overview

On the day of the sale, shares of Parker-Hannifin opened at $968.36. The company boasts a market capitalization of approximately $122.23 billion. Key financial metrics include a price-to-earnings (P/E) ratio of 35.32, a price-to-earnings-growth (PEG) ratio of 3.29, and a beta of 1.25, indicating its volatility compared to the broader market.

The stock has shown strong performance with a 50-day moving average of $903.97 and a 200-day moving average of $812.05. Over the past year, Parker-Hannifin’s shares have fluctuated between a low of $488.45 and a high of $979.44.

Parker-Hannifin recently reported its quarterly earnings on January 29, 2024. The industrial manufacturer achieved earnings per share (EPS) of $7.65, surpassing analysts’ expectations of $7.11 by $0.54. The company also reported revenues of $5.17 billion, exceeding estimates of $5.07 billion, marking a year-over-year revenue increase of 9.1%.

Institutional Trading and Analyst Ratings

Recent trading activity indicates significant interest in Parker-Hannifin from institutional investors. Quadrant Capital Group LLC increased its holdings by 20.1%, now owning 3,610 shares valued at around $2.52 million after adding 604 shares during the second quarter. Another significant player, Procyon Advisors LLC, dramatically raised its stake by 158,565.9% in the third quarter, acquiring over 5 million shares worth approximately $3.84 billion.

Furthermore, Bank Julius Baer & Co. Ltd Zurich established a new position in Parker-Hannifin valued at about $733,000, while Wilkinson Global Asset Management LLC boosted its stake by 28.2%. It now holds 48,434 shares valued at $36.72 million.

As of now, institutional investors and hedge funds control approximately 82.44% of the company’s outstanding shares.

Research analysts have recently weighed in on Parker-Hannifin, with various projections for its stock. Industrial Alliance Securities set a target price of $1,032.00, while Argus maintained a “buy” rating with a target of $900.00. A report from BNP Paribas Exane initiated coverage, placing an “outperform” rating with a target of $1,020.00. Overall, the stock has received a consensus rating of “Moderate Buy” with an average target price of $990.47.

Parker-Hannifin continues to solidify its position in the industrial sector as a leader in motion and control technologies, offering a diverse range of engineered components and systems.