Parker-Hannifin (NYSE:PH) PT Raised to $703.00

Parker-Hannifin (NYSE:PH) had its price objective raised by research analysts at Barclays from $650.00 to $703.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Barclays‘s price target would suggest a potential upside of 12.24% from the stock’s current price.

A number of other brokerages also recently commented on PH. Robert W. Baird lifted their target price on Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Raymond James upped their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Wells Fargo & Company raised their target price on Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Truist Financial restated a “buy” rating and set a $673.00 price target (up previously from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $636.64.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $626.31 on Wednesday. The business has a 50 day simple moving average of $585.40 and a 200-day simple moving average of $553.40. Parker-Hannifin has a twelve month low of $362.49 and a twelve month high of $639.87. The company has a market capitalization of $80.59 billion, a price-to-earnings ratio of 29.52, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The company had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same period in the prior year, the company earned $6.08 earnings per share. The firm’s revenue was up 1.8% compared to the same quarter last year. As a group, equities research analysts expect that Parker-Hannifin will post 26.63 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the sale, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Berend Bracht sold 850 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the transaction, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Parker-Hannifin

Hedge funds have recently modified their holdings of the stock. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin in the 2nd quarter valued at $25,000. Harbor Investment Advisory LLC increased its position 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 worth $29,000 after acquiring an additional 20 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $30,000. Northwest Investment Counselors LLC purchased a new stake in shares of Parker-Hannifin in the 1st quarter valued at approximately $31,000. Finally, Fortitude Family Office LLC boosted its stake in Parker-Hannifin by 346.7% in the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 52 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

About Parker-Hannifin

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.