Parker-Hannifin (NYSE:PH) Stock Price Passes Above 200 Day Moving Average – What’s Next?

Parker-Hannifin Co. (NYSE:PH) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $607.90 and traded as high as $639.23. Parker-Hannifin shares last traded at $637.68, with a volume of 529,199 shares.

Analyst Ratings Changes

Several research firms have issued reports on PH. KeyCorp upped their target price on shares of Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Stifel Nicolaus downgraded Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 target price on the stock. in a report on Monday, November 18th. Robert W. Baird boosted their target price on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Wolfe Research raised shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 target price for the company in a report on Thursday, December 12th. Finally, Argus lifted their price target on shares of Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin presently has an average rating of “Moderate Buy” and an average target price of $722.94.

Parker-Hannifin Stock Performance

The firm has a market cap of $82.08 billion, a PE ratio of 28.80, a PEG ratio of 2.71 and a beta of 1.45. The firm’s 50 day simple moving average is $672.41 and its 200 day simple moving average is $609.53. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last released its quarterly 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. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter last year, the business posted $5.96 EPS. On average, research analysts forecast that Parker-Hannifin Co. will post 26.75 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 8th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.02%. The ex-dividend date was Friday, November 8th. Parker-Hannifin’s dividend payout ratio is 29.45%.

Insider Buying and Selling

In related news, VP Thomas C. Gentile sold 2,430 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the completion of the transaction, the vice president now owns 5,465 shares in the company, valued at $3,831,839.40. The trade was a 30.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $631.04, for a total value of $3,708,622.08. Following the completion of the sale, the vice president now owns 15,350 shares in the company, valued at approximately $9,686,464. The trade was a 27.69 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,077 shares of company stock worth $12,303,829. Corporate insiders own 0.39% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Institutional investors have recently modified their holdings of the stock. State Street Corp increased its holdings in Parker-Hannifin by 13.8% during the third quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock valued at $3,918,696,000 after buying an additional 753,143 shares during the period. Wellington Management Group LLP raised its position in shares of Parker-Hannifin by 39.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company’s stock worth $1,249,645,000 after acquiring an additional 564,365 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of Parker-Hannifin by 64,081.5% during the 3rd quarter. International Assets Investment Management LLC now owns 381,880 shares of the industrial products company’s stock worth $241,279,000 after purchasing an additional 381,285 shares during the last quarter. World Investment Advisors LLC bought a new stake in Parker-Hannifin during the third quarter valued at about $226,570,000. Finally, Mizuho Securities USA LLC grew its position in shares of Parker-Hannifin by 3,566.4% in the 3rd quarter. Mizuho Securities USA LLC now owns 363,302 shares of the industrial products company’s stock worth $229,541,000 after buying an additional 353,393 shares during the last quarter. 82.44% of the stock is 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.