Parker-Hannifin (NYSE:PH) Stock Price Expected to Rise, TD Cowen Analyst Says

Parker-Hannifin (NYSE:PH) had its price objective increased by equities researchers at TD Cowen from $520.00 to $575.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the industrial products company’s stock. TD Cowen’s price objective points to a potential downside of 18.62% from the stock’s current price.

Other analysts have also issued research reports about the stock. Evercore ISI boosted their price target on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Stifel Nicolaus upped their target price on shares of Parker-Hannifin from $633.00 to $691.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Robert W. Baird boosted their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Argus raised their target price on Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Finally, Wells Fargo & Company upped their price target on Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $688.07.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $706.54 on Tuesday. The firm has a market capitalization of $90.95 billion, a P/E ratio of 31.91, a P/E/G ratio of 2.82 and a beta of 1.43. The firm’s 50-day moving average price is $628.60 and its 200-day moving average price is $572.14. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. Parker-Hannifin has a 1-year low of $422.36 and a 1-year high of $711.60.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.96 earnings per share. Equities research analysts anticipate that Parker-Hannifin will post 26.77 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Parker-Hannifin news, COO Andrew D. Ross sold 4,864 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $9,263,244.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,927 shares of company stock valued at $12,807,811 in the last 90 days. Insiders own 0.39% of the company’s stock.

Institutional Trading of Parker-Hannifin

Institutional investors have recently added to or reduced their stakes in the stock. CreativeOne Wealth LLC increased its position in shares of Parker-Hannifin by 24.0% during the third quarter. CreativeOne Wealth LLC now owns 965 shares of the industrial products company’s stock valued at $610,000 after buying an additional 187 shares during the period. BNP Paribas increased its holdings in Parker-Hannifin by 0.9% during the 3rd quarter. BNP Paribas now owns 59,828 shares of the industrial products company’s stock worth $37,859,000 after acquiring an additional 556 shares during the period. Townsquare Capital LLC lifted its stake in Parker-Hannifin by 14.9% in the 3rd quarter. Townsquare Capital LLC now owns 5,275 shares of the industrial products company’s stock worth $3,333,000 after purchasing an additional 685 shares in the last quarter. Transamerica Financial Advisors Inc. boosted its holdings in Parker-Hannifin by 2.4% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 7,731 shares of the industrial products company’s stock valued at $4,885,000 after purchasing an additional 179 shares during the period. Finally, BNP Paribas Financial Markets grew its position in shares of Parker-Hannifin by 58.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 134,612 shares of the industrial products company’s stock valued at $85,051,000 after purchasing an additional 49,483 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.