Hedge Funds Are Dumping Parker-Hannifin Corp (PH)

Judging by the fact that Parker-Hannifin Corporation (NYSE:PH) has faced a decline in interest from the entirety of the hedge funds we track, it’s easy to see that there were a few hedgies that slashed their positions entirely last quarter. It’s worth mentioning that Anand Parekh’s Alyeska Investment Group said goodbye to the biggest investment of all the hedgies monitored by Insider Monkey, valued at about $26.2 million in stock. Christopher A. Winham’s fund, Tide Point Capital, also sold off its stock, about $16.2 million worth. These transactions are important to note, as total hedge fund interest dropped by 4 funds last quarter.

Let’s check out hedge fund activity in other stocks similar to Parker-Hannifin Corp (NYSE:PH). We will take a look at Entergy Corporation (NYSE:ETR), DENTSPLY International Inc. (NASDAQ:XRAY), Henry Schein, Inc. (NASDAQ:HSIC), and Royal Caribbean Cruises Ltd. (NYSE:RCL). This group of stocks’ market valuations are closest to PH’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
ETR 24 852366 1
XRAY 32 1302672 4
HSIC 23 388072 0
RCL 26 821060 -13

As you can see these stocks had an average of 26 hedge funds with bullish positions and the average amount invested in these stocks was $841 million. That figure was $1.33 billion in PH’s case. DENTSPLY International Inc. (NASDAQ:XRAY) is the most popular stock in this table. On the other hand Henry Schein, Inc. (NASDAQ:HSIC) is the least popular one with only 23 bullish hedge fund positions. Parker-Hannifin Corp (NYSE:PH) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard XRAY might be a better candidate to consider a long position.

Disclosure: None