Parker-Hannifin (NYSE:PH) Sets New 1-Year High at $627.59

Parker-Hannifin Co. (NYSE:PH)’s share price hit a new 52-week high on Tuesday . The company traded as high as $627.59 and last traded at $622.41, with a volume of 70849 shares. The stock had previously closed at $618.72.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Stifel Nicolaus decreased their price objective on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Raymond James raised their price target on Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $550.00 to $650.00 in a research note on Tuesday, May 28th. Evercore ISI increased their target price on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Finally, Deutsche Bank Aktiengesellschaft raised their price target 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. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $624.43.

Parker-Hannifin Stock Performance

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 stock has a fifty day simple moving average of $572.71 and a 200-day simple moving average of $548.45. The company has a market capitalization of $80.20 billion, a P/E ratio of 29.15, a PEG ratio of 2.42 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last announced its quarterly 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. The firm had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the firm posted $6.08 EPS. Equities analysts forecast that Parker-Hannifin Co. will post 26.63 EPS for the current year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Insiders Place Their Bets

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

Large investors have recently bought and sold shares of the business. Kodai Capital Management LP bought a new stake in shares of Parker-Hannifin during the 4th quarter valued at $122,449,000. 1832 Asset Management L.P. increased its holdings in Parker-Hannifin by 305.0% in the first quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock valued at $171,069,000 after purchasing an additional 231,788 shares during the last quarter. AMF Tjanstepension AB lifted its stake in Parker-Hannifin by 23.0% in the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after buying an additional 141,862 shares during the period. Mackenzie Financial Corp boosted its holdings in Parker-Hannifin by 107.7% during the second quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company’s stock worth $137,437,000 after buying an additional 140,898 shares during the last quarter. Finally, Groupama Asset Managment acquired a new position in shares of Parker-Hannifin during the 4th quarter worth about $63,043,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Company Profile

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.