Parker-Hannifin (NYSE:PH) Given New $618.00 Price Target at Barclays

Parker-Hannifin (NYSE:PH) had its price target cut by Barclays from $625.00 to $618.00 in a research note published on Friday, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

PH has been the topic of a number of other research reports. TD Cowen upgraded shares of Parker-Hannifin from an underperform rating to a market perform rating and lifted their price objective for the company from $300.00 to $500.00 in a research note on Friday, March 1st. KeyCorp boosted their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an overweight rating in a report on Thursday, April 11th. Mizuho raised their target price on Parker-Hannifin from $490.00 to $550.00 and gave the company a neutral rating in a research note on Friday. Evercore ISI boosted their price target on Parker-Hannifin from $505.00 to $590.00 and gave the stock an outperform rating in a research note on Tuesday, February 20th. Finally, Stifel Nicolaus raised their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $523.94.

Parker-Hannifin Trading Up 1.0 %

Shares of PH stock traded up $5.50 during mid-day trading on Friday, reaching $536.18. The company’s stock had a trading volume of 970,079 shares, compared to its average volume of 601,506. The company’s 50 day simple moving average is $544.86 and its 200-day simple moving average is $481.66. The company has a quick ratio of 0.49, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. Parker-Hannifin has a 12-month low of $319.14 and a 12-month high of $570.15. The firm has a market capitalization of $68.85 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 1.91 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter in the previous year, the firm posted $5.93 earnings per share. The firm’s quarterly revenue was up .3% on a year-over-year basis. On average, research analysts predict that Parker-Hannifin will post 24.69 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is currently 27.90%.

Hedge Funds Weigh In On Parker-Hannifin

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fidelis Capital Partners LLC grew its position in shares of Parker-Hannifin by 2.3% during the first quarter. Fidelis Capital Partners LLC now owns 851 shares of the industrial products company’s stock worth $473,000 after acquiring an additional 19 shares during the last quarter. Harbor Investment Advisory LLC increased its stake in shares of Parker-Hannifin by 60.6% in the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 20 shares during the period. GoalVest Advisory LLC raised its stake in Parker-Hannifin by 40.0% during the 1st quarter. GoalVest Advisory LLC now owns 70 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 20 shares in the last quarter. Essex Financial Services Inc. raised its stake in shares of Parker-Hannifin by 4.3% during the first quarter. Essex Financial Services Inc. now owns 539 shares of the industrial products company’s stock valued at $300,000 after purchasing an additional 22 shares in the last quarter. Finally, Beaumont Asset Management L.L.C. raised its position in shares of Parker-Hannifin by 0.8% during the 4th quarter. Beaumont Asset Management L.L.C. now owns 3,071 shares of the industrial products company’s stock worth $1,415,000 after buying an additional 24 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

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.