Parker-Hannifin (NYSE:PH) Share Price Passes Above 200 Day Moving Average – Here’s Why

Parker-Hannifin Co. (NYSE:PH) shares passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $607.90 and traded as high as $639.23. Parker-Hannifin shares last traded at $637.68, with a volume of 529,199 shares traded.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PH. 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 raised Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 target price on the stock in a report on Thursday, December 12th. Argus raised their price target on Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. TD Cowen lifted their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. Finally, Mizuho raised their target price on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $722.94.

Parker-Hannifin Stock Up 1.3 %

The business’s fifty day simple moving average is $672.09 and its 200 day simple moving average is $607.90. The stock has a market cap of $82.08 billion, a price-to-earnings ratio of 28.80, a price-to-earnings-growth ratio of 2.71 and a beta of 1.44. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 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 during the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the previous year, the firm earned $5.96 earnings per share. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. Equities analysts forecast that Parker-Hannifin Co. will post 26.75 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date was Friday, November 8th. Parker-Hannifin’s dividend payout ratio is currently 29.45%.

Insiders Place Their Bets

In related news, CEO Jennifer A. Parmentier sold 4,906 shares of the stock in a transaction that occurred 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 directly owns 33,607 shares of the company’s stock, valued at approximately $23,682,516.83. This represents a 12.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $3,434,178.56. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $9,263,244.80. The trade was a 27.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,077 shares of company stock worth $12,303,829. Company insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in shares of Parker-Hannifin by 13.7% in the 4th quarter. GAMMA Investing LLC now owns 2,621 shares of the industrial products company’s stock valued at $1,667,000 after purchasing an additional 315 shares during the period. Lord Abbett & CO. LLC raised its position in Parker-Hannifin by 4.6% in the 3rd quarter. Lord Abbett & CO. LLC now owns 565,082 shares of the industrial products company’s stock valued at $357,030,000 after buying an additional 25,081 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in Parker-Hannifin by 3.7% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,540 shares of the industrial products company’s stock valued at $1,598,000 after acquiring an additional 90 shares in the last quarter. 1ST Source Bank boosted its position in Parker-Hannifin by 6.2% during the 3rd quarter. 1ST Source Bank now owns 631 shares of the industrial products company’s stock worth $399,000 after acquiring an additional 37 shares during the last quarter. Finally, Oddo BHF Asset Management Sas bought a new position in shares of Parker-Hannifin during the 3rd quarter worth approximately $2,521,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

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.