Parker-Hannifin (NYSE:PH) PT Raised to $520.00

Parker-Hannifin (NYSE:PH) had its price target boosted by investment analysts at TD Cowen from $500.00 to $520.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the industrial products company’s stock. TD Cowen’s price target would suggest a potential downside of 11.50% from the company’s current price.

Several other research analysts also recently issued reports on the stock. Raymond James upped their target price on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Truist Financial reaffirmed a “buy” rating and issued a $673.00 price objective (up from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. Stifel Nicolaus reduced their target price on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Barclays decreased their price target on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Finally, Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and increased their price objective for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Two investment 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 presently has a consensus rating of “Moderate Buy” and an average target price of $624.43.

Parker-Hannifin Trading Up 0.5 %

Shares of NYSE PH opened at $587.55 on Wednesday. The stock has a market cap of $75.52 billion, a P/E ratio of 27.69, a price-to-earnings-growth ratio of 2.32 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. Parker-Hannifin has a 1 year low of $362.49 and a 1 year high of $601.30. The firm has a 50-day moving average of $560.42 and a 200 day moving average of $544.51.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $5.08 billion. During the same period last year, the business earned $6.08 earnings per share. The business’s revenue was up 1.8% on a year-over-year basis. As a group, sell-side analysts expect that Parker-Hannifin will post 26.65 EPS for the current fiscal year.

Insider Activity

In other news, VP Berend Bracht sold 850 shares of the firm’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 transaction, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The shares were 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 of the company’s stock, valued at $1,986,282. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin 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 owns 3,900 shares in the company, valued at approximately $2,299,947. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Several hedge funds have recently modified their holdings of PH. Gilbert & Cook Inc. boosted its stake in Parker-Hannifin by 5.0% during the fourth quarter. Gilbert & Cook Inc. now owns 1,031 shares of the industrial products company’s stock valued at $475,000 after buying an additional 49 shares during the last quarter. Avantax Advisory Services Inc. boosted its position in shares of Parker-Hannifin by 3.5% during the 4th quarter. Avantax Advisory Services Inc. now owns 3,297 shares of the industrial products company’s stock valued at $1,519,000 after acquiring an additional 112 shares during the last quarter. Advisor OS LLC purchased a new position in shares of Parker-Hannifin in the fourth quarter valued at $249,000. First United Bank & Trust bought a new stake in Parker-Hannifin in the fourth quarter worth $29,000. Finally, Westpac Banking Corp raised its stake in Parker-Hannifin by 19.3% during the fourth quarter. Westpac Banking Corp now owns 964 shares of the industrial products company’s stock valued at $444,000 after purchasing an additional 156 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.