Parker-Hannifin (NYSE:PH) Price Target Increased to $703.00 by Analysts at Barclays

Parker-Hannifin (NYSE:PH) had its price target raised by Barclays from $650.00 to $703.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. Barclays‘s target price points to a potential upside of 11.16% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Evercore ISI increased their price target on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a report on Monday, August 19th. Raymond James lifted their target price on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft lifted their price objective on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Truist Financial restated a “buy” rating and set a $673.00 price objective (up previously from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Finally, TD Cowen increased their price target on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research note on Wednesday, September 11th. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $636.64.

Parker-Hannifin Trading Up 0.4 %

NYSE PH traded up $2.30 during trading hours on Wednesday, reaching $632.44. The company had a trading volume of 266,506 shares, compared to its average volume of 649,418. The stock has a 50-day moving average of $581.81 and a 200 day moving average of $552.36. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. Parker-Hannifin has a 1-year low of $362.49 and a 1-year high of $639.87. The stock has a market capitalization of $81.29 billion, a P/E ratio of 29.72, a price-to-earnings-growth ratio of 2.54 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the business posted $6.08 EPS. As a group, research analysts anticipate that Parker-Hannifin will post 26.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction that occurred on 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 owns 3,350 shares of the company’s stock, valued at $1,986,282. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction on 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 filing with the SEC, which is available through the SEC website. Also, 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 transaction of $1,032,617.23. Following the completion of the transaction, the director now owns 3,900 shares in the company, valued at approximately $2,299,947. 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 hedge funds have recently added to or reduced their stakes in the stock. TD Asset Management Inc raised its holdings in Parker-Hannifin by 152.1% during the first quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock worth $73,493,000 after buying an additional 79,774 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in Parker-Hannifin by 8.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock worth $12,761,000 after purchasing an additional 1,802 shares during the period. Quadrature Capital Ltd bought a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $4,068,000. Concurrent Investment Advisors LLC boosted its position in Parker-Hannifin by 261.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock valued at $1,397,000 after acquiring an additional 1,819 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its holdings in Parker-Hannifin by 54.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 17,165 shares of the industrial products company’s stock worth $9,540,000 after purchasing an additional 6,029 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

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.