Parker-Hannifin (NYSE:PH) PT Raised to $650.00

Parker-Hannifin (NYSE:PH) had its price target hoisted by Raymond James from $610.00 to $650.00 in a report released on Wednesday, Benzinga reports. Raymond James currently has an outperform rating on the industrial products company’s stock.

Several other equities analysts have also recently commented on PH. Truist Financial restated a buy rating and set a $673.00 target price (up from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. Wells Fargo & Company raised their target price on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an overweight rating in a research note on Friday, August 9th. Bank of America boosted their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the stock a buy rating in a research note on Friday, May 17th. Mizuho upgraded shares of Parker-Hannifin from a neutral rating to a buy rating and raised their price objective for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Finally, Barclays cut their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an overweight rating for the company in a research report on Tuesday, June 4th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Parker-Hannifin presently has a consensus rating of Moderate Buy and an average price target of $623.00.

Parker-Hannifin Trading Down 0.7 %

NYSE:PH opened at $571.31 on Wednesday. Parker-Hannifin has a 1 year low of $362.49 and a 1 year high of $601.30. The stock’s fifty day moving average price is $554.47 and its two-hundred day moving average price is $543.08. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The company has a market cap of $73.44 billion, a P/E ratio of 26.92, a P/E/G ratio of 2.44 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.22 by $0.55. The business had revenue of $5.19 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $6.08 EPS. As a group, analysts expect that Parker-Hannifin will post 26.61 EPS for the current year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be given a dividend of $1.63 per share. The ex-dividend date is Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.14%. Parker-Hannifin’s payout ratio is currently 30.73%.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the sale, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Berend Bracht sold 850 shares of the stock in a transaction dated Monday, August 26th. The stock was 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 disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sachetta LLC bought a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $25,000. Addison Advisors LLC bought a new stake in shares of Parker-Hannifin during the 2nd quarter valued at $25,000. First United Bank & Trust purchased a new stake in shares of Parker-Hannifin in the 4th quarter worth about $29,000. Harbor Investment Advisory LLC lifted its position in Parker-Hannifin by 60.6% during 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 period. Finally, Newbridge Financial Services Group Inc. purchased a new position in Parker-Hannifin during the 4th quarter valued at about $30,000. Hedge funds and other institutional investors 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.