Parker-Hannifin (NYSE:PH) Price Target Raised to $775.00

Parker-Hannifin (NYSE:PH) had its price target lifted by KeyCorp from $725.00 to $775.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

PH has been the topic of several other research reports. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Mizuho upped their target price on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Stifel Nicolaus downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price target for the company. in a research report on Monday, November 18th. Wells Fargo & Company upped their price target 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. Finally, Barclays raised their price objective on shares of Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average target price of $691.40.

Parker-Hannifin Stock Up 0.6 %

NYSE PH opened at $706.87 on Thursday. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. Parker-Hannifin has a fifty-two week low of $426.49 and a fifty-two week high of $711.60. The business has a 50 day moving average price of $647.32 and a two-hundred day moving average price of $580.54. The stock has a market cap of $90.99 billion, a PE ratio of 31.93, a P/E/G ratio of 2.84 and a beta of 1.43.

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, beating the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the prior year, the firm earned $5.96 earnings per share. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, sell-side analysts predict that Parker-Hannifin will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be given a dividend of $1.63 per share. The ex-dividend date is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a yield of 0.92%. Parker-Hannifin’s dividend payout ratio is currently 29.45%.

Insider Buying and Selling

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at approximately $9,263,244.80. This trade represents a 27.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total value of $3,457,209.14. Following the sale, the chief executive officer now directly owns 33,607 shares in the company, valued at approximately $23,682,516.83. The trade was a 12.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,927 shares of company stock worth $12,807,811 in the last three months. 0.39% of the stock is owned by insiders.

Hedge Funds Weigh In On Parker-Hannifin

Hedge funds have recently modified their holdings of the company. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin in the 2nd quarter worth approximately $25,000. West Branch Capital LLC acquired a new position in shares of Parker-Hannifin in the 3rd quarter valued at $25,000. Bangor Savings Bank increased its stake in Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 31 shares in the last quarter. Fortitude Family Office LLC lifted its stake in Parker-Hannifin by 346.7% during the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock valued at $34,000 after buying an additional 52 shares in the last quarter. Finally, Prestige Wealth Management Group LLC boosted its holdings in shares of Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after buying an additional 25 shares during the period. 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.