Parker-Hannifin (NYSE:PH) Given New $621.00 Price Target at Truist Financial

Parker-Hannifin (NYSE:PH) had its target price boosted by Truist Financial from $611.00 to $621.00 in a research note issued to investors on Tuesday morning, Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

Several other equities research analysts also recently weighed in on PH. Stifel Nicolaus lifted their price target on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. Wells Fargo & Company dropped their price target on Parker-Hannifin from $640.00 to $630.00 and set an overweight rating on the stock in a research note on Monday, May 6th. Argus raised their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the company a buy rating in a research note on Monday, May 6th. Bank of America upped their target price on Parker-Hannifin from $600.00 to $650.00 and gave the stock a buy rating in a research report on Friday, May 17th. Finally, Mizuho raised shares of Parker-Hannifin from a neutral rating to a buy rating and lifted their price target for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $569.69.

Parker-Hannifin Trading Up 1.8 %

Shares of NYSE PH opened at $510.03 on Tuesday. The firm has a 50 day moving average price of $530.28 and a two-hundred day moving average price of $516.53. The stock has a market cap of $65.56 billion, a P/E ratio of 24.03, a price-to-earnings-growth ratio of 2.09 and a beta of 1.44. Parker-Hannifin has a 52-week low of $362.49 and a 52-week high of $570.15. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87.

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

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.28%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

Insiders Place Their Bets

In related news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin 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 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 through this link. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction that occurred on 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 sale, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jay Reidy sold 572 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the transaction, 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. Corporate insiders own 1.03% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

A number of hedge funds have recently made changes to their positions in PH. Sachetta LLC purchased a new stake in Parker-Hannifin during the 4th quarter valued at $25,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Parker-Hannifin in the fourth quarter worth about $26,000. First United Bank & Trust purchased a new position in Parker-Hannifin during the 4th quarter valued at about $29,000. Harbor Investment Advisory LLC raised its position in 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 purchasing an additional 20 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Parker-Hannifin in the 4th quarter worth approximately $30,000. 82.44% of the stock is currently owned by 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.