Parker-Hannifin (NYSE:PH) Downgraded by StockNews.com to Hold

Parker-Hannifin (NYSE:PH) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Several other research analysts have also commented on the stock. Evercore ISI lifted their price target on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a report on Monday, August 19th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their target price for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Deutsche Bank Aktiengesellschaft increased their price target on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. TD Cowen boosted their price objective on Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a research report on Wednesday, September 11th. Finally, Wells Fargo & Company increased their target price on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $624.43.

Parker-Hannifin Stock Performance

NYSE:PH traded up $6.71 during trading hours on Tuesday, reaching $625.43. 526,509 shares of the stock were exchanged, compared to its average volume of 651,798. The stock has a market capitalization of $80.39 billion, a P/E ratio of 29.47, a P/E/G ratio of 2.42 and a beta of 1.43. The firm has a 50 day simple moving average of $573.84 and a 200-day simple moving average of $549.07. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. Parker-Hannifin has a 52 week low of $362.49 and a 52 week high of $627.59.

Parker-Hannifin (NYSE:PH) last posted 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 business had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $6.08 EPS. As a group, sell-side analysts forecast that Parker-Hannifin will post 26.63 earnings per share for the current fiscal year.

Insider Transactions at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were 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 in the company, valued at $1,986,282. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin 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 completion of the transaction, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Institutional Trading of Parker-Hannifin

A number of large investors have recently added to or reduced their stakes in PH. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin during the 2nd quarter valued at $25,000. Harbor Investment Advisory LLC lifted its holdings in shares of Parker-Hannifin by 60.6% during 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 last quarter. Newbridge Financial Services Group Inc. acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at $30,000. Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin in the 1st quarter worth about $31,000. Finally, Fortitude Family Office LLC raised its holdings in Parker-Hannifin by 346.7% during the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after buying an additional 52 shares during the period. 82.44% of the stock is currently 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.