Parker-Hannifin (NYSE:PH) Reaches New 1-Year High at $605.99

Shares of Parker-Hannifin Co. (NYSE:PH) hit a new 52-week high during trading on Tuesday . The stock traded as high as $605.99 and last traded at $602.67, with a volume of 115402 shares trading hands. The stock had previously closed at $596.78.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PH shares. Raymond James lifted their target price on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Wells Fargo & Company upped their price objective on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft lifted their target price on Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their price target for the stock from $550.00 to $650.00 in a research note on Tuesday, May 28th. Finally, Truist Financial reiterated a “buy” rating and set a $673.00 price objective (up previously from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $624.43.

Parker-Hannifin Stock Performance

The business’s fifty day moving average price is $567.55 and its two-hundred day moving average price is $546.47. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. The stock has a market capitalization of $80.52 billion, a P/E ratio of 28.70, a P/E/G ratio of 2.39 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The business had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the business posted $6.08 earnings per share. As a group, sell-side analysts forecast that Parker-Hannifin Co. will post 26.63 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.04%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Insider Buying and Selling

In other news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction 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 legal filing with the SEC, which is available at this link. In other news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The disclosure for this sale can be found here. 1.03% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Parker-Hannifin

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Fidelis Capital Partners LLC grew its holdings in shares of Parker-Hannifin by 2.3% during the first quarter. Fidelis Capital Partners LLC now owns 851 shares of the industrial products company’s stock valued at $473,000 after buying an additional 19 shares during the last quarter. Harbor Investment Advisory LLC increased its holdings in shares of Parker-Hannifin by 60.6% in the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 20 shares during the period. GoalVest Advisory LLC increased its holdings in shares of Parker-Hannifin by 40.0% in the first quarter. GoalVest Advisory LLC now owns 70 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 20 shares during the period. American Trust raised its stake in shares of Parker-Hannifin by 3.2% in the first quarter. American Trust now owns 649 shares of the industrial products company’s stock worth $361,000 after purchasing an additional 20 shares during the last quarter. Finally, TFG Advisers LLC raised its holdings in shares of Parker-Hannifin by 0.9% during the second quarter. TFG Advisers LLC now owns 2,171 shares of the industrial products company’s stock worth $1,098,000 after purchasing an additional 20 shares during 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.