Parker-Hannifin (NYSE:PH) Price Target Raised to $621.00 at Truist Financial

Parker-Hannifin (NYSE:PH) had its price objective upped by equities research analysts at Truist Financial from $611.00 to $621.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s target price indicates a potential upside of 23.95% from the stock’s current price.

A number of other research analysts also recently weighed in on the company. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and raised their price objective for the company from $550.00 to $650.00 in a research note on Tuesday, May 28th. KeyCorp raised their target price on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Raymond James initiated coverage on Parker-Hannifin in a report on Friday. They issued an “outperform” rating and a $610.00 target price on the stock. Stifel Nicolaus raised their target price on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Finally, Wells Fargo & Company lowered their target price on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a report on Monday, May 6th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $569.69.

Parker-Hannifin Stock Down 0.9 %

Shares of PH stock opened at $501.01 on Tuesday. The stock’s 50 day simple moving average is $531.05 and its 200 day simple moving average is $516.21. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. Parker-Hannifin has a twelve month low of $362.49 and a twelve month high of $570.15. The company has a market capitalization of $64.40 billion, a price-to-earnings ratio of 23.61, a PEG ratio of 2.09 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. During the same period last year, the business earned $5.93 EPS. The firm’s revenue was up .3% compared to the same quarter last year. As a group, research analysts predict that Parker-Hannifin will post 24.85 EPS for the current year.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Jay Reidy sold 572 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the sale, the vice president now owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the sale, the vice president now directly owns 4,200 shares in the company, valued at approximately $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is owned by insiders.

Hedge Funds Weigh In On Parker-Hannifin

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Parker-Hannifin by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock valued at $5,872,694,000 after purchasing an additional 105,475 shares during the last quarter. Norges Bank bought a new position in Parker-Hannifin in the 4th quarter valued at $665,188,000. Alphinity Investment Management Pty Ltd raised its position in Parker-Hannifin by 42.2% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock valued at $521,861,000 after purchasing an additional 336,370 shares during the last quarter. Boston Partners raised its position in Parker-Hannifin by 4.1% in the 1st quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock valued at $617,878,000 after purchasing an additional 43,535 shares during the last quarter. Finally, Baird Financial Group Inc. raised its position in Parker-Hannifin by 3.7% in the 4th quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock valued at $320,173,000 after purchasing an additional 25,060 shares during the last quarter. Institutional investors 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.