Parker-Hannifin (NYSE:PH – Free Report) had its target price hoisted by Citigroup from $709.00 to $831.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.
A number of other research firms have also recently commented on PH. KeyCorp lifted their price target on Parker-Hannifin from $690.00 to $735.00 and gave the stock an “overweight” rating in a report on Friday, May 2nd. Wolfe Research cut Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Stifel Nicolaus boosted their price objective on Parker-Hannifin from $670.00 to $709.00 and gave the stock a “hold” rating in a report on Friday. Truist Financial reduced their price objective on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. Finally, Wells Fargo & Company boosted their price objective on Parker-Hannifin from $670.00 to $770.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $735.88.
Read Our Latest Analysis on Parker-Hannifin
Parker-Hannifin Price Performance
PH stock opened at $712.31 on Monday. The stock has a 50-day moving average price of $674.22 and a two-hundred day moving average price of $646.44. The stock has a market cap of $91.02 billion, a PE ratio of 27.43, a price-to-earnings-growth ratio of 3.07 and a beta of 1.34. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin has a 1 year low of $488.45 and a 1 year high of $720.90.
Parker-Hannifin (NYSE:PH – Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter last year, the company earned $6.51 EPS. Parker-Hannifin’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities analysts forecast that Parker-Hannifin will post 26.71 EPS for the current fiscal year.
Parker-Hannifin Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were paid a $1.80 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date was Friday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 27.72%.
Insider Transactions at Parker-Hannifin
In other news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the transaction, the vice president directly owned 2,083 shares in the company, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.39% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Parker-Hannifin
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. HUB Investment Partners LLC increased its stake in shares of Parker-Hannifin by 15.7% in the fourth quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company’s stock valued at $4,960,000 after buying an additional 1,057 shares during the period. SG Americas Securities LLC increased its stake in shares of Parker-Hannifin by 27.2% in the first quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company’s stock valued at $18,850,000 after buying an additional 6,630 shares during the period. Congress Wealth Management LLC DE increased its stake in shares of Parker-Hannifin by 67.8% in the fourth quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company’s stock valued at $29,135,000 after buying an additional 18,503 shares during the period. Alley Investment Management Company LLC acquired a new stake in shares of Parker-Hannifin in the first quarter valued at about $7,996,000. Finally, Washington Trust Bank increased its stake in shares of Parker-Hannifin by 3,019.5% in the fourth quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company’s stock valued at $9,881,000 after buying an additional 15,037 shares during the period. Institutional investors own 82.44% of the company’s stock.
About Parker-Hannifin
(Get Free Report)
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.
Further Reading
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