Parker-Hannifin (NYSE:PH) Price Target Raised to $691.00

Parker-Hannifin (NYSE:PH) had its price objective raised by Stifel Nicolaus from $633.00 to $691.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the industrial products company’s stock.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Company lifted their price objective on Parker-Hannifin from $600.00 to $640.00 and gave the stock an overweight rating in a report on Friday, August 9th. Evercore ISI lifted their price target on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an outperform rating in a research note on Monday, August 19th. TD Cowen increased their price objective on shares of Parker-Hannifin from $500.00 to $520.00 and gave the company a hold rating in a research note on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a buy rating in a research report on Friday, August 9th. Finally, StockNews.com cut shares of Parker-Hannifin from a buy rating to a hold rating in a research report on Tuesday, September 24th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $636.64.

Parker-Hannifin Stock Up 0.7 %

Shares of NYSE:PH opened at $630.68 on Wednesday. The company has a market capitalization of $81.07 billion, a price-to-earnings ratio of 29.72, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. The company has a 50 day moving average of $586.92 and a two-hundred day moving average of $554.16. Parker-Hannifin has a 52-week low of $362.49 and a 52-week high of $639.87. 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 (NYSE:PH) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The business’s revenue was up 1.8% on a year-over-year basis. During the same period last year, the business earned $6.08 EPS. As a group, analysts forecast that Parker-Hannifin will post 26.63 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a yield of 1.03%. Parker-Hannifin’s payout ratio is currently 30.73%.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were 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 of the company’s stock, valued at $1,986,282. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction 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 sale, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Parker-Hannifin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PH. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin in the second quarter valued at $25,000. Harbor Investment Advisory LLC lifted its holdings in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 20 shares during the last quarter. Newbridge Financial Services Group Inc. bought a new position in shares of Parker-Hannifin during the 4th quarter valued at about $30,000. Northwest Investment Counselors LLC acquired a new position in shares of Parker-Hannifin in the 1st quarter worth approximately $31,000. Finally, Fortitude Family Office LLC lifted its stake in Parker-Hannifin by 346.7% during the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 52 shares during the last quarter. 82.44% of the stock is owned by 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.