Wells Fargo & Company Forecasts Strong Price Appreciation for Parker-Hannifin (NYSE:PH) Stock

Parker-Hannifin (NYSE:PH) had its target price increased by Wells Fargo & Company from $710.00 to $775.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

A number of other research analysts have also weighed in on PH. KeyCorp lifted their price target on shares of Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. UBS Group initiated coverage on shares of Parker-Hannifin in a research note on Wednesday, November 13th. They issued a “buy” rating and a $842.00 target price for the company. Barclays lowered their target price on Parker-Hannifin from $800.00 to $791.00 and set an “overweight” rating for the company in a report on Friday. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Finally, Truist Financial increased their price objective on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $725.06.

Parker-Hannifin Price Performance

Shares of PH stock opened at $707.91 on Friday. 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 has a 12-month low of $463.16 and a 12-month high of $718.44. The firm has a fifty day moving average of $666.84 and a 200-day moving average of $629.60. The firm has a market capitalization of $91.12 billion, a price-to-earnings ratio of 31.97, a price-to-earnings-growth ratio of 2.73 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. On average, equities research analysts forecast that Parker-Hannifin will post 26.73 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 0.92%. The ex-dividend date is Friday, February 7th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 29.45%.

Insider Activity

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was 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 owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jennifer A. Parmentier sold 4,906 shares of Parker-Hannifin stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the transaction, the chief executive officer now directly owns 33,607 shares of the company’s stock, valued at approximately $23,682,516.83. This trade represents a 12.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,200 shares of company stock valued at $8,595,207 in the last quarter. Company insiders own 0.39% of the company’s stock.

Institutional Trading of Parker-Hannifin

Hedge funds have recently modified their holdings of the stock. West Branch Capital LLC bought a new position in Parker-Hannifin in the 3rd quarter valued at about $25,000. Bangor Savings Bank grew its position in shares of Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 31 shares during the last quarter. Prestige Wealth Management Group LLC increased its stake in shares of Parker-Hannifin by 83.3% during the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 25 shares during the period. Bank of New Hampshire acquired a new stake in Parker-Hannifin during the 4th quarter worth approximately $35,000. Finally, Northwest Investment Counselors LLC bought a new stake in Parker-Hannifin in the 3rd quarter valued at $39,000. 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.