Parker-Hannifin (NYSE:PH) Upgraded by StockNews.com to Buy

Parker-Hannifin (NYSE:PH) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

PH has been the topic of several other research reports. Raymond James lifted their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft raised their price target on Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a report on Friday, August 9th. Truist Financial upped their price objective on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research note on Wednesday. TD Cowen boosted their price target on Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a report on Wednesday, September 11th. Finally, Evercore ISI boosted their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a report on Monday, August 19th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $649.86.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock opened at $637.18 on Friday. Parker-Hannifin has a 12-month low of $362.49 and a 12-month high of $640.00. The firm has a market cap of $81.99 billion, a PE ratio of 29.24, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The company’s fifty day simple moving average is $593.45 and its two-hundred day simple moving average is $556.28.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The firm had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The company’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.08 EPS. As a group, equities analysts expect that Parker-Hannifin will post 26.64 EPS for the current year.

Insiders Place Their Bets

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the sale, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction 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 transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.39% of the stock is owned by company insiders.

Hedge Funds Weigh In On Parker-Hannifin

Hedge funds have recently added to or reduced their stakes in the business. Addison Advisors LLC purchased a new position in Parker-Hannifin in the second quarter valued at about $25,000. Bangor Savings Bank raised its position 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 worth $28,000 after buying an additional 31 shares in the last quarter. Harbor Investment Advisory LLC boosted its stake 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 in the last quarter. Newbridge Financial Services Group Inc. acquired a new stake in Parker-Hannifin in the 4th quarter valued at about $30,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Parker-Hannifin during the first quarter valued at $31,000. 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.