Wells Fargo & Company Lowers Parker-Hannifin (NYSE:PH) Price Target to $600.00

Parker-Hannifin (NYSE:PH) had its price objective trimmed by Wells Fargo & Company from $630.00 to $600.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

Several other research firms have also recently weighed in on PH. Argus increased their price target on Parker-Hannifin from $550.00 to $590.00 and gave the company a buy rating in a report on Monday, May 6th. Truist Financial increased their price target on Parker-Hannifin from $611.00 to $621.00 and gave the company a buy rating in a report on Tuesday, July 2nd. Mizuho raised Parker-Hannifin from a neutral rating to a buy rating and increased their price target for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Barclays lowered their price target on Parker-Hannifin from $618.00 to $610.00 and set an overweight rating on the stock in a report on Tuesday, June 4th. Finally, KeyCorp increased their price target on Parker-Hannifin from $575.00 to $640.00 and gave the company an overweight rating in a report on Thursday, April 11th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $567.81.

Parker-Hannifin Stock Performance

PH stock opened at $523.31 on Wednesday. The stock has a market capitalization of $67.27 billion, a PE ratio of 24.66, a price-to-earnings-growth ratio of 1.98 and a beta of 1.44. Parker-Hannifin has a 12-month low of $362.49 and a 12-month high of $570.15. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The stock’s 50 day simple moving average is $525.07 and its 200 day simple moving average is $518.86.

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

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the 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 completion of the sale, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares in the company, valued at $2,305,170. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the transaction, the vice president now owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PH. Norges Bank purchased a new position in Parker-Hannifin in the fourth quarter worth about $665,188,000. Alphinity Investment Management Pty Ltd grew its position in Parker-Hannifin by 42.2% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after acquiring an additional 336,370 shares in the last quarter. Kodai Capital Management LP purchased a new position in Parker-Hannifin in the fourth quarter worth about $122,449,000. 1832 Asset Management L.P. grew its position in Parker-Hannifin by 305.0% in 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. Finally, International Assets Investment Management LLC grew its position in Parker-Hannifin by 65,634.7% in the fourth quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after acquiring an additional 219,220 shares in the last quarter. Hedge funds and other 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.