StockNews.com Upgrades Parker-Hannifin (NYSE:PH) to Buy

Parker-Hannifin (NYSE:PH) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

Other analysts have also recently issued research reports about the stock. Truist Financial reiterated a “buy” rating and issued a $673.00 price objective (up previously from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Evercore ISI lifted their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. Barclays lifted their target price on shares of Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Robert W. Baird lifted their target price on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $636.64.

Parker-Hannifin Stock Down 0.4 %

Parker-Hannifin stock traded down $2.64 during mid-day trading on Wednesday, reaching $627.50. 519,643 shares of the company’s stock were exchanged, compared to its average volume of 650,750. Parker-Hannifin has a twelve month low of $362.49 and a twelve month high of $639.87. The company has a fifty day moving average of $583.78 and a 200-day moving average of $552.89. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The company has a market cap of $80.74 billion, a P/E ratio of 29.57, a P/E/G ratio of 2.57 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, August 8th. The industrial products company reported $6.77 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 the consensus estimate of $5.08 billion. During the same period last year, the firm posted $6.08 EPS. The company’s revenue was up 1.8% on a year-over-year basis. Sell-side analysts expect that Parker-Hannifin will post 26.63 EPS for the current year.

Insider Activity at Parker-Hannifin

In other news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction that occurred 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 transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Berend Bracht sold 850 shares of the business’s 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 sale, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $1,032,617.23. Following the completion of the sale, 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.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. 1832 Asset Management L.P. increased its stake in shares of Parker-Hannifin by 305.0% in the 1st quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock valued at $171,069,000 after acquiring an additional 231,788 shares during the last quarter. AMF Tjanstepension AB increased its stake in shares of Parker-Hannifin by 23.0% in the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after acquiring an additional 141,862 shares during the last quarter. Mackenzie Financial Corp increased its stake in shares of Parker-Hannifin by 107.7% in the 2nd quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company’s stock valued at $137,437,000 after acquiring 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 increased its stake in shares of 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 acquiring an additional 130,331 shares during the last quarter. 82.44% of the stock is owned by 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.