Truist Financial Raises Parker-Hannifin (NYSE:PH) Price Target to $621.00

Parker-Hannifin (NYSE:PH) had its target price lifted by Truist Financial from $611.00 to $621.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Other research analysts have also issued research reports about the stock. KeyCorp upped their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an overweight rating in a research note on Thursday, April 11th. Argus increased their target price on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a buy rating in a research report on Monday, May 6th. Raymond James assumed coverage on shares of Parker-Hannifin in a research report on Friday, June 28th. They set an outperform rating and a $610.00 target price on the stock. Mizuho upgraded shares of Parker-Hannifin from a neutral rating to a buy rating and increased their target price for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Finally, Stifel Nicolaus increased their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a buy rating in a research report on Wednesday, April 3rd. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $569.69.

Parker-Hannifin Trading Up 0.5 %

Shares of NYSE:PH opened at $512.72 on Tuesday. Parker-Hannifin has a one year low of $362.49 and a one year high of $570.15. The stock has a market capitalization of $65.91 billion, a PE ratio of 24.16, a price-to-earnings-growth ratio of 1.98 and a beta of 1.44. The company’s 50-day moving average price is $528.79 and its two-hundred day moving average price is $516.89. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The business had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the prior year, the business earned $5.93 EPS. Parker-Hannifin’s quarterly revenue was up .3% on a year-over-year basis. On average, equities analysts forecast that Parker-Hannifin will post 24.85 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were given a $1.63 dividend. The ex-dividend date was Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a yield of 1.27%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio (DPR) is currently 30.73%.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the sale, the vice president now owns 1,137 shares in the company, valued at $609,989.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the transaction, the vice president now owns 4,200 shares in the company, valued at $2,305,170. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the transaction, the vice president now owns 1,137 shares in the company, valued at approximately $609,989.13. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Parker-Hannifin by 1.0% during the first quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock worth $5,872,694,000 after buying an additional 105,475 shares during the last quarter. Norges Bank bought a new position in Parker-Hannifin during the fourth quarter worth $665,188,000. Alphinity Investment Management Pty Ltd raised its stake in Parker-Hannifin by 42.2% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after buying an additional 336,370 shares during the last quarter. Boston Partners raised its stake in Parker-Hannifin by 4.1% during the first quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock worth $617,878,000 after buying an additional 43,535 shares during the last quarter. Finally, Baird Financial Group Inc. raised its stake in Parker-Hannifin by 3.7% during the fourth quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock worth $320,173,000 after buying an additional 25,060 shares during the last quarter. Institutional investors and hedge funds 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.