Parker-Hannifin (NYSE:PH) Given New $710.00 Price Target at Wells Fargo & Company

Parker-Hannifin (NYSE:PH) had its target price lifted by Wells Fargo & Company from $640.00 to $710.00 in a research note published on Monday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the industrial products company’s stock.

A number of other equities research analysts also recently commented on the company. Evercore ISI upped their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the company an outperform rating in a report on Monday, August 19th. StockNews.com raised Parker-Hannifin from a hold rating to a buy rating in a research note on Wednesday, October 2nd. Stifel Nicolaus increased their price target on shares of Parker-Hannifin from $633.00 to $691.00 and gave the company a buy rating in a research report on Wednesday, October 2nd. TD Cowen lifted their price objective on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a hold rating in a research note on Wednesday, September 11th. Finally, Raymond James upped their target price on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an outperform rating in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $649.86.

Parker-Hannifin Stock Performance

Parker-Hannifin stock opened at $631.47 on Monday. Parker-Hannifin has a 1 year low of $362.49 and a 1 year high of $639.87. The company’s 50-day moving average is $591.50 and its two-hundred day moving average is $555.75. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. The company has a market cap of $81.25 billion, a PE ratio of 28.98, a PEG ratio of 2.57 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $5.08 billion. During the same period last year, the firm earned $6.08 earnings per share. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. Equities analysts anticipate that Parker-Hannifin will post 26.64 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were given a $1.63 dividend. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.03%. Parker-Hannifin’s dividend payout ratio is currently 29.92%.

Insider Buying and Selling

In related news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction dated 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 directly owns 3,900 shares in the company, valued at approximately $2,299,947. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, 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 value of $1,032,617.23. Following the sale, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the transaction, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.39% of the company’s stock.

Institutional Trading of Parker-Hannifin

A number of hedge funds and other institutional investors have recently modified their holdings of PH. 1832 Asset Management L.P. raised its position in Parker-Hannifin by 305.0% during the first 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 shares of Parker-Hannifin by 23.0% during the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock worth $383,594,000 after purchasing an additional 141,862 shares during the last quarter. Mackenzie Financial Corp increased its stake in shares of Parker-Hannifin by 107.7% during the 2nd quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company’s stock worth $137,437,000 after purchasing an additional 140,898 shares during the last quarter. Groupama Asset Managment bought a new stake in shares of Parker-Hannifin in the 4th quarter valued at about $63,043,000. Finally, Congress Asset Management Co. MA lifted its stake in Parker-Hannifin by 503.9% in the 1st quarter. Congress Asset Management Co. MA now owns 156,196 shares of the industrial products company’s stock valued at $86,812,000 after purchasing an additional 130,331 shares during the last quarter. Institutional investors and hedge funds 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.