Parker-Hannifin (NYSE:PH) Given New $842.00 Price Target at Truist Financial

Parker-Hannifin (NYSE:PH) had its price target lifted by analysts at Truist Financial from $788.00 to $842.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price target indicates a potential upside of 30.10% from the company’s current price.

A number of other analysts have also commented on the stock. Mizuho upped their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Robert W. Baird upped their price target on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. StockNews.com upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Wolfe Research upgraded Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 target price for the company in a report on Thursday, December 12th. Finally, Wells Fargo & Company raised their target price on Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average target price of $712.82.

Parker-Hannifin Trading Up 1.2 %

Shares of NYSE:PH opened at $647.20 on Thursday. The stock has a market capitalization of $83.31 billion, a price-to-earnings ratio of 29.23, a PEG ratio of 2.71 and a beta of 1.43. Parker-Hannifin has a 1-year low of $440.00 and a 1-year high of $712.42. The company has a 50 day moving average price of $670.84 and a 200 day moving average price of $600.23. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The business had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the previous year, the firm posted $5.96 EPS. The company’s quarterly revenue was up 1.2% on a year-over-year basis. On average, research analysts anticipate that Parker-Hannifin will post 26.75 EPS for the current fiscal year.

Insider Activity at Parker-Hannifin

In other news, COO Andrew D. Ross sold 4,864 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the completion of the sale, the chief executive officer now owns 33,607 shares of the company’s stock, valued at $23,682,516.83. The trade was a 12.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,077 shares of company stock valued at $12,303,829. 0.39% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Secure Asset Management LLC acquired a new stake in shares of Parker-Hannifin in the second quarter worth $333,000. Catalina Capital Group LLC raised its position in shares of Parker-Hannifin by 5.9% during the second quarter. Catalina Capital Group LLC now owns 650 shares of the industrial products company’s stock valued at $329,000 after buying an additional 36 shares during the last quarter. Family Firm Inc. bought a new stake in shares of Parker-Hannifin in the second quarter valued at about $102,000. LRI Investments LLC grew its position in Parker-Hannifin by 5.2% during the second quarter. LRI Investments LLC now owns 883 shares of the industrial products company’s stock worth $447,000 after buying an additional 44 shares in the last quarter. Finally, Capital Insight Partners LLC increased its stake in Parker-Hannifin by 7.1% during the second quarter. Capital Insight Partners LLC now owns 1,157 shares of the industrial products company’s stock valued at $585,000 after acquiring an additional 77 shares during the period. 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.