Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Parker-Hannifin Corporation shares valued at $13,434,498 were sold by Williams Thomas L on Feb 13. At $352.63 per share, Williams Thomas L sold 38,098 shares. The insider’s holdings dropped to 229,027 shares worth approximately $83.06 million following the completion of this transaction.
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Also, Czaja Mark T sold 430 shares, netting a total of over 151,231 in proceeds. Following the sale of shares at $351.70 each, the insider now holds 507 shares.
Before that, BANKS LEE C had sold 16,426 shares from its account. In a trade valued at $5,542,461, the Vice Chairman and President traded Parker-Hannifin Corporation shares for $337.42 each. Upon closing the transaction, the insider’s holdings decreased to 16,426 shares, worth approximately $40.07 million.
As published in their initiating research note from Morgan Stanley on January 06, 2023, Parker-Hannifin Corporation [PH] has been an Equal-weight and the price target has been revised to $311. This represents a -16.61% premium over Wednesday’s closing price. Earlier on December 17, 2021, Mizuho initiated its rating. Their recommendation was “a Neutral” for PH stock.
Analyzing PH Stock Performance
On Wednesday, Parker-Hannifin Corporation [NYSE: PH] rose 0.87% to $362.67. The stock’s lowest price that day was $358.28, but it reached a high of $363.03 in the same session. During the last five days, there has been a surge of approximately 2.64%. Over the course of the year, Parker-Hannifin Corporation shares have jumped approximately 24.63%. Shares of the company reached a 52-week high of $364.26 on 03/06/23 and a 52-week low of $288.61 on 01/03/23. A 50-day SMA is recorded $328.65, while a 200-day SMA reached $288.07. Nevertheless, trading volume fell to 0.77 million shares from 1.08 million shares the previous day.
Support And Resistance Levels for Parker-Hannifin Corporation (PH)
According to the 24-hour chart, there is a support level at 359.62, which, if violated, would cause prices to drop to 356.58. In the upper region, resistance lies at 364.37. The next price resistance is at 366.08. RSI (Relative Strength Index) is 69.68 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 7.36, which suggests the price will increase in the coming days. Percent R is at 6.50%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Parker-Hannifin Corporation subject to short interest?
Stocks of Parker-Hannifin Corporation saw a sharp steep in short interest on Jan 12, 2023 dropping by -0.25 million shares to 1.26 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 1.51 million shares. A decline of -19.84% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.81 of the overall float, the days-to-cover ratio (short ratio) decline to 1.81.
Which companies own the most shares of Parker-Hannifin Corporation (PH)?
According to The Vanguard Group, Inc. filings, the company currently owns 9,703,889 shares, which is about 7.56% of the total PH shares outstanding. The investor’s shares have appreciated by 107,480 from its previous 13-F filing of 9596409.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $1,984,358,414. SSgA Funds Management, Inc. reduced a -1.58% interest valued at $1.83 billion while Aristotle Capital Management LLC sold a -197,043 stake. A total of -234,553 shares of Parker-Hannifin Corporation were sold by JPMorgan Investment Management, I during the quarter, and 935,027 were bought by Columbia Management Investment Ad. In its current portfolio, Harris Associates LP holds 2,763,801 shares valued at $901.0 million.
In terms of Parker-Hannifin Corporation share price expectations, FactSet research, analysts set an average price target of $385.58 in the next 12 months, up nearly 7.08% from the previous closing price of $359.54. Analysts anticipate Parker-Hannifin Corporation stock to reach $540.00 by 2023, with the lowest price target being $300.00. In spite of this, 23 analysts ranked Parker-Hannifin Corporation stock as an Overweight at the end of 2023. On December 13, 2021, Goldman assigned a price target of “a Buy” to the stock and resumed coverage with a $375.