Cornerstone Investment Partners Lowers stake in Parker-Hannifin Corp (PH)

Parker-Hannifin Corp (PH) : Cornerstone Investment Partners reduced its stake in Parker-Hannifin Corp by 24.49% during the most recent quarter end. The investment management company now holds a total of 431,605 shares of Parker-Hannifin Corp which is valued at $53,268,689 after selling 140,015 shares in Parker-Hannifin Corp , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.Parker-Hannifin Corp makes up approximately 2.35% of Cornerstone Investment Partners’s portfolio.

Other Hedge Funds, Including , Private Trust Co Na reduced its stake in PH by selling 40 shares or 0.85% in the most recent quarter. The Hedge Fund company now holds 4,666 shares of PH which is valued at $575,878. Parker-Hannifin Corp makes up approx 0.14% of Private Trust Co Na’s portfolio. Fox Run Management L.l.c. sold out all of its stake in PH during the most recent quarter. The investment firm sold 2,200 shares of PH which is valued $270,754.Creative Planning boosted its stake in PH in the latest quarter, The investment management firm added 1,292 additional shares and now holds a total of 20,912 shares of Parker-Hannifin Corp which is valued at $2,573,640. Parker-Hannifin Corp makes up approx 0.02% of Creative Planning’s portfolio. Cutler Group Lp added PH to its portfolio by purchasing 3,183 company shares during the most recent quarter which is valued at $398,161. Parker-Hannifin Corp makes up approx 0.02% of Cutler Group Lp’s portfolio.Advisory Services Network reduced its stake in PH by selling 52 shares or 11.28% in the most recent quarter. The Hedge Fund company now holds 409 shares of PH which is valued at $50,986. Parker-Hannifin Corp makes up approx 0.01% of Advisory Services Network’s portfolio.

Parker-Hannifin Corp closed down -2.02 points or -1.61% at $123.07 with 10,05,801 shares getting traded on Tuesday. Post opening the session at $125.4, the shares hit an intraday low of $122.29 and an intraday high of $125.4 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Parker-Hannifin Corp reported $1.90 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $1.76. The company had revenue of $2957.15 million for the quarter, compared to analysts expectations of $2947.35 million. The company’s revenue was down -6.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.73 EPS.

Many Wall Street Analysts have commented on Parker-Hannifin Corp. Parker-Hannifin Corp was Upgraded by Goldman to ” Neutral” on Oct 11, 2016. Company shares were Upgraded by Stifel on Oct 5, 2016 to ” Buy”, Firm has raised the Price Target to $ 141 from a previous price target of $131 .

Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems providing precision engineered solutions for a wide variety of mobile industrial and aerospace markets. The Company’s manufacturing service sales distribution and administrative facilities are located in the United States and in 49 other countries. Its products are supplied to approximately 450000 customers in manufacturing transportation and processing industry. The Company has two reporting segments: Diversified Industrial Segment products are made to original equipment manufacturers and their replacement markets in manufacturing packaging processing transportation mobile construction refrigeration and air conditioning agricultural and military machinery and equipment industries and Aerospace Systems Segment products are made in the commercial and military aerospace markets to both original equipment manufacturers and to end users for spares maintenance repair and overhaul.

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