Parker-Hannifin (NYSE:PH) Sets New 52-Week High – Here’s What Happened

Parker-Hannifin Co. (NYSE:PH) hit a new 52-week high on Monday . The stock traded as high as $711.60 and last traded at $710.18, with a volume of 190284 shares. The stock had previously closed at $695.58.

Wall Street Analyst Weigh In

PH has been the subject of several recent research reports. UBS Group began coverage on Parker-Hannifin in a research note on Wednesday. They issued a “buy” rating and a $842.00 price objective for the company. Raymond James boosted their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Wells Fargo & Company raised their price objective on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Evercore ISI lifted their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. Finally, KeyCorp increased their target price on Parker-Hannifin from $640.00 to $725.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average target price of $688.07.

Parker-Hannifin Stock Performance

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The stock has a market cap of $90.95 billion, a PE ratio of 31.95, a P/E/G ratio of 2.82 and a beta of 1.43. The firm’s 50-day moving average is $628.60 and its 200 day moving average is $572.14.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.96 earnings per share. As a group, research analysts anticipate that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.92%. Parker-Hannifin’s dividend payout ratio (DPR) is 29.45%.

Insider Activity at Parker-Hannifin

In other news, VP Joseph R. Leonti sold 5,877 shares of Parker-Hannifin stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the completion of the sale, the vice president now directly owns 15,350 shares in the company, valued at $9,686,464. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, COO Andrew D. Ross sold 4,864 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $9,263,244.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Joseph R. Leonti sold 5,877 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the transaction, the vice president now directly owns 15,350 shares in the company, valued at approximately $9,686,464. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,678 shares of company stock valued at $13,840,428 over the last quarter. Insiders own 0.39% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

A number of large investors have recently modified their holdings of PH. West Branch Capital LLC acquired a new position in Parker-Hannifin during the third quarter valued at approximately $25,000. Bangor Savings Bank lifted its holdings in shares of Parker-Hannifin by 238.5% during the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 31 shares in the last quarter. Addison Advisors LLC purchased a new stake in Parker-Hannifin during the 2nd quarter worth $25,000. Northwest Investment Counselors LLC acquired a new stake in Parker-Hannifin in the 3rd quarter valued at $39,000. Finally, Fortitude Family Office LLC raised its position in Parker-Hannifin by 346.7% in 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 period. 82.44% of the stock is currently owned by hedge funds and other 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.