Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Parker-Hannifin Corp. shares valued at $1,708,694 were sold by Parmentier Jennifer A on Feb 07 ’24. At $516.69 per share, Parmentier Jennifer A sold 3,307 shares. The insider’s holdings dropped to 24,031 shares worth approximately $13.13 million following the completion of this transaction.
Also, Scott Patrick sold 787 shares, netting a total of over 404,754 in proceeds. Following the sale of shares at $514.30 each, the insider now holds 3,220 shares.
Before that, Hart Mark J had sold 5,197 shares from its account. In a trade valued at $2,613,779, the EVP-HR & External Affairs traded Parker-Hannifin Corp. shares for $502.94 each. Upon closing the transaction, the insider’s holdings decreased to 5,197 shares, worth approximately $3.86 million.
As published in their initiating research note from Truist on March 14, 2024, Parker-Hannifin Corp. [PH] has been a Buy and the price target has been revised to $602. Analysts at TD Cowen upgraded the stock from ‘”an Underperform”‘ to ‘”a Market perform”‘ outlook in a report released in early March. As of December 11, 2023, Wolfe Research has decreased its “an Outperform” rating to a “Peer perform” for PH. Earlier on November 09, 2023, Deutsche Bank upgraded its rating. Their new recommendation was “a Buy” for PH stock which previously was a “a Hold”.
Analyzing PH Stock Performance
During the last five days, there has been a surge of approximately 1.07%. Over the course of the year, Parker-Hannifin Corp. shares have jumped approximately 18.59%. Shares of the company reached a 52-week high of $570.15 on 04/04/24 and a 52-week low of $449.39 on 01/03/24. A 50-day SMA is recorded $541.19, while a 200-day SMA reached $452.57. Nevertheless, trading volume fell to 0.57 million shares from 0.38 million shares the previous day.
Support And Resistance Levels for Parker-Hannifin Corp. (PH)
According to the 24-hour chart, there is a support level at 538.09, which, if violated, would cause prices to drop to 529.83. In the upper region, resistance lies at 555.74. The next price resistance is at 565.13. RSI (Relative Strength Index) is 50.86 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.99, which suggests the price will decrease in the coming days. Percent R is at 60.72%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
