Parker-Hannifin (NYSE:PH) PT Raised to $703.00

Parker-Hannifin (NYSE:PH) had its price objective hoisted by Barclays from $650.00 to $703.00 in a research note released on Wednesday morning, Benzinga reports. Barclays currently has an overweight rating on the industrial products company’s stock.

A number of other equities analysts have also issued reports on the stock. Stifel Nicolaus raised their price target on shares of Parker-Hannifin from $633.00 to $691.00 and gave the stock a buy rating in a research report on Wednesday. Wells Fargo & Company boosted their target price on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an overweight rating in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft increased their price target on Parker-Hannifin from $595.00 to $645.00 and gave the stock a buy rating in a research report on Friday, August 9th. TD Cowen lifted their price objective on Parker-Hannifin from $500.00 to $520.00 and gave the company a hold rating in a research note on Wednesday, September 11th. Finally, Truist Financial reaffirmed a buy rating and set a $673.00 target price (up from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and an average price target of $636.64.

Parker-Hannifin Price Performance

Shares of PH opened at $630.68 on Wednesday. The firm has a market capitalization of $81.07 billion, a PE ratio of 29.72, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. 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 company’s fifty day moving average price is $586.92 and its 200-day moving average price is $554.16. Parker-Hannifin has a 1-year low of $362.49 and a 1-year high of $639.87.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. During the same period in the prior year, the company earned $6.08 earnings per share. The company’s revenue was up 1.8% on a year-over-year basis. On average, equities research analysts predict that Parker-Hannifin will post 26.63 EPS for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.03%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s payout ratio is 30.73%.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the 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 directly owns 3,900 shares of the company’s stock, valued at $2,299,947. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction that occurred 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 sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.03% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Parker-Hannifin

Several hedge funds and other institutional investors have recently modified their holdings of PH. Addison Advisors LLC acquired a new stake in Parker-Hannifin in the 2nd quarter valued at about $25,000. Harbor Investment Advisory LLC increased its holdings in shares of Parker-Hannifin by 60.6% in the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 20 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new position in Parker-Hannifin during the fourth quarter worth approximately $30,000. Northwest Investment Counselors LLC acquired a new position in Parker-Hannifin during the first quarter worth $31,000. Finally, Fortitude Family Office LLC grew its holdings in Parker-Hannifin by 346.7% in the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock valued at $34,000 after buying an additional 52 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

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.