Wells Fargo & Company Cuts Parker-Hannifin (NYSE:PH) Price Target to $710.00

Parker-Hannifin (NYSE:PH) had its price target lowered by Wells Fargo & Company from $770.00 to $710.00 in a report published on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the industrial products company’s stock.

A number of other research analysts have also recently weighed in on PH. UBS Group assumed coverage on shares of Parker-Hannifin in a report on Wednesday, November 13th. They issued a “buy” rating and a $842.00 price objective for the company. Stifel Nicolaus lowered Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price target for the company. in a research note on Monday, November 18th. Argus increased their price target on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Barclays boosted their price objective on Parker-Hannifin from $703.00 to $800.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Truist Financial increased their target price on Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $722.94.

Parker-Hannifin Stock Up 0.9 %

Shares of PH opened at $640.76 on Tuesday. The company has a market capitalization of $82.48 billion, a price-to-earnings ratio of 28.94, a PEG ratio of 2.71 and a beta of 1.45. Parker-Hannifin has a 52 week low of $449.89 and a 52 week high of $712.42. The stock’s 50-day moving average price is $673.38 and its 200-day moving average price is $612.50. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.96 EPS. On average, sell-side analysts predict that Parker-Hannifin will post 26.75 EPS for the current year.

Parker-Hannifin Announces Dividend

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

Insiders Place Their Bets

In related news, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction dated 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 sale, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $9,263,244.80. This trade represents a 27.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Thomas C. Gentile sold 2,430 shares of Parker-Hannifin stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the transaction, the vice president now directly owns 5,465 shares in the company, valued at $3,831,839.40. This trade represents a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,077 shares of company stock valued at $12,303,829 in the last ninety days. 0.39% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. CVA Family Office LLC lifted its holdings in shares of Parker-Hannifin by 3.9% in the 3rd quarter. CVA Family Office LLC now owns 425 shares of the industrial products company’s stock worth $269,000 after acquiring an additional 16 shares during the last quarter. Sonoma Private Wealth LLC boosted its position in shares of Parker-Hannifin by 2.9% during the third quarter. Sonoma Private Wealth LLC now owns 667 shares of the industrial products company’s stock worth $421,000 after buying an additional 19 shares during the period. W Advisors LLC grew its stake in shares of Parker-Hannifin by 3.4% in the third quarter. W Advisors LLC now owns 581 shares of the industrial products company’s stock valued at $367,000 after buying an additional 19 shares in the last quarter. Simmons Bank raised its holdings in shares of Parker-Hannifin by 0.7% in the 3rd quarter. Simmons Bank now owns 2,753 shares of the industrial products company’s stock valued at $1,739,000 after buying an additional 19 shares during the period. Finally, CFS Investment Advisory Services LLC lifted its stake in Parker-Hannifin by 3.4% during the 3rd quarter. CFS Investment Advisory Services LLC now owns 583 shares of the industrial products company’s stock worth $368,000 after acquiring an additional 19 shares in the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

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.