Parker-Hannifin (NYSE:PH) PT Raised to $656.00

Parker-Hannifin (NYSE:PH) had its price target raised by Evercore ISI from $620.00 to $656.00 in a report published on Monday, Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

Other analysts also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a buy rating in a report on Friday, August 9th. Raymond James assumed coverage on shares of Parker-Hannifin in a report on Friday, June 28th. They set an outperform rating and a $610.00 price target on the stock. Stifel Nicolaus cut their price target on shares of Parker-Hannifin from $629.00 to $613.00 and set a buy rating on the stock in a report on Thursday, July 18th. Barclays cut their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an overweight rating on the stock in a report on Tuesday, June 4th. Finally, Truist Financial reiterated a buy rating and set a $673.00 price target (up from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $620.14.

Parker-Hannifin Stock Performance

Shares of NYSE PH opened at $587.30 on Monday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. The company has a market cap of $75.49 billion, a P/E ratio of 27.68, a P/E/G ratio of 2.37 and a beta of 1.44. The firm’s fifty day moving average is $536.67 and its two-hundred day moving average is $537.58. Parker-Hannifin has a 52-week low of $362.49 and a 52-week high of $593.28.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. During the same period in the previous year, the firm posted $6.08 EPS. The business’s quarterly revenue was up 1.8% on a year-over-year basis. As a group, analysts anticipate that Parker-Hannifin will post 26.61 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be given a $1.63 dividend. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.11%. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Insider Transactions at Parker-Hannifin

In other news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the sale, the director now owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.03% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

Hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $665,188,000. Kodai Capital Management LP bought a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $122,449,000. 1832 Asset Management L.P. raised its stake in shares of Parker-Hannifin by 305.0% during the 1st quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock worth $171,069,000 after acquiring an additional 231,788 shares in the last quarter. AMF Tjanstepension AB increased its stake in Parker-Hannifin by 23.0% during the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares in the last quarter. Finally, Mackenzie Financial Corp increased its stake in Parker-Hannifin by 107.7% during the 2nd quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company’s stock valued at $137,437,000 after purchasing an additional 140,898 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

About Parker-Hannifin

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.