Parker-Hannifin (NYSE:PH) Sets New 12-Month High at $597.90

Parker-Hannifin Co. (NYSE:PH)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $597.90 and last traded at $596.28, with a volume of 55385 shares trading hands. The stock had previously closed at $588.01.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PH. Truist Financial reaffirmed a “buy” rating and set a $673.00 price target (up previously from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and increased their price target for the stock from $550.00 to $650.00 in a research note on Tuesday, May 28th. Evercore ISI raised their price target on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a report on Monday, August 19th. Stifel Nicolaus reduced their price objective on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus target price of $620.14.

Parker-Hannifin Stock Up 1.5 %

The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The stock has a market capitalization of $77.15 billion, a P/E ratio of 28.28, a PEG ratio of 2.37 and a beta of 1.44. The stock’s fifty day moving average is $545.14 and its two-hundred day moving average is $540.24.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping the consensus estimate of $6.22 by $0.55. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company’s revenue was up 1.8% compared to the same quarter last year. During the same period last year, the company posted $6.08 EPS. As a group, research analysts predict that Parker-Hannifin Co. will post 26.61 earnings per share 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 issued a dividend of $1.63 per share. The ex-dividend date is Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.09%. Parker-Hannifin’s payout ratio is presently 30.73%.

Insiders Place Their Bets

In other news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction on Thursday, August 15th. The stock was 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 in the company, valued at $2,299,947. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the transaction, the director now owns 3,900 shares in the company, valued at $2,299,947. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Institutional Trading of Parker-Hannifin

A number of institutional investors have recently bought and sold shares of the company. Creekside Partners acquired a new position in Parker-Hannifin in the second quarter worth approximately $207,000. Clearbridge Investments LLC increased its stake in shares of Parker-Hannifin by 52.5% during the 2nd quarter. Clearbridge Investments LLC now owns 4,040 shares of the industrial products company’s stock worth $2,043,000 after purchasing an additional 1,390 shares during the last quarter. KPP Advisory Services LLC raised its holdings in shares of Parker-Hannifin by 8.2% during the 2nd quarter. KPP Advisory Services LLC now owns 2,235 shares of the industrial products company’s stock valued at $1,131,000 after purchasing an additional 170 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Parker-Hannifin by 7.6% during the 2nd quarter. Cetera Investment Advisers now owns 48,575 shares of the industrial products company’s stock valued at $24,570,000 after purchasing an additional 3,451 shares in the last quarter. Finally, Ted Buchan & Co acquired a new stake in shares of Parker-Hannifin in the 2nd quarter valued at $346,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Company Profile

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.