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 16.22% during the most recent quarter end. The investment management company now holds a total of 1,091,453 shares of Parker-Hannifin Corp which is valued at $124,436,557 after selling 211,247 shares in Parker-Hannifin Corp , the firm said in a disclosure report filed with the SEC on Apr 20, 2016.Parker-Hannifin Corp makes up approximately 3.94% of Cornerstone Investment Partners’s portfolio.

Parker-Hannifin Corp opened for trading at $113.3 and hit $114.55 on the upside on Friday, eventually ending the session at $114.01, with a gain of 1.03% or 1.16 points. The heightened volatility saw the trading volume jump to 8,20,588 shares. Company has a market cap of $15,403 M.

Other Hedge Funds, Including , Centurylink Investment Management Co boosted its stake in PH in the latest quarter, The investment management firm added 767 additional shares and now holds a total of 16,315 shares of Parker-Hannifin Corp which is valued at $1,860,073. Parker-Hannifin Corp makes up approx 0.66% of Centurylink Investment Management Co’s portfolio.Fort Pitt Capital Group reduced its stake in PH by selling 1,284 shares or 0.96% in the most recent quarter. The Hedge Fund company now holds 132,200 shares of PH which is valued at $15,072,122. Parker-Hannifin Corp makes up approx 1.83% of Fort Pitt Capital Group’s portfolio. Lenox Wealth Advisors sold out all of its stake in PH during the most recent quarter. The investment firm sold 46 shares of PH which is valued $5,231.

On the company’s financial health, Parker-Hannifin Corp reported $1.51 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $1.45. The company had revenue of $2828.70 million for the quarter, compared to analysts expectations of $2821.71 million. The company’s revenue was down -10.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.06 EPS.

Many Wall Street Analysts have commented on Parker-Hannifin Corp. Parker-Hannifin Corp was Initiated by Avondale to “Mkt Perform” on Apr 8, 2016. Barclays Initiated Parker-Hannifin Corp on Apr 1, 2016 to “Equal Weight”, Price Target of the shares are set at $116.Goldman Downgraded Parker-Hannifin Corp on Mar 28, 2016 to ” Sell”, Price Target of the shares are set at $92.

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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