Truist Financial Increases Parker-Hannifin (NYSE:PH) Price Target to $621.00

Parker-Hannifin (NYSE:PH) had its price objective lifted by Truist Financial from $611.00 to $621.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price target indicates a potential upside of 21.26% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Argus boosted their price target on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Bank of America raised their price target on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Barclays lowered their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Stifel Nicolaus raised their target price on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Finally, Raymond James assumed coverage on Parker-Hannifin in a report on Friday, June 28th. They issued an “outperform” rating and a $610.00 price target for the company. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $569.69.

Parker-Hannifin Stock Up 0.4 %

Parker-Hannifin stock opened at $512.14 on Tuesday. The firm has a market capitalization of $65.83 billion, a P/E ratio of 24.18, a P/E/G ratio of 2.09 and a beta of 1.44. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. Parker-Hannifin has a twelve month low of $362.49 and a twelve month high of $570.15. The stock’s fifty day simple moving average is $529.47 and its 200-day simple moving average is $516.93.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping the consensus estimate of $6.10 by $0.41. The company had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. Parker-Hannifin’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.93 EPS. As a group, equities analysts expect that Parker-Hannifin will post 24.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Berend Bracht sold 1,079 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the sale, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Berend Bracht sold 1,079 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the transaction, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares in the company, valued at approximately $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sachetta LLC acquired a new position in shares of Parker-Hannifin during the 4th quarter worth $25,000. Wetzel Investment Advisors Inc. acquired a new position in Parker-Hannifin during the fourth quarter worth about $26,000. First United Bank & Trust purchased a new position in Parker-Hannifin in the fourth quarter valued at about $29,000. Harbor Investment Advisory LLC lifted its position in shares of 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. acquired a new stake in shares of Parker-Hannifin during the 4th quarter valued at approximately $30,000. 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.