KeyCorp Issues Positive Forecast for Parker-Hannifin (NYSE:PH) Stock Price

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

A number of other equities research analysts have also issued reports on the stock. TD Cowen boosted their price target on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Truist Financial increased their target price on Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft lifted 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. Stifel Nicolaus downgraded Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price objective for the company. in a research note on Monday, November 18th. Finally, UBS Group began coverage on Parker-Hannifin in a research note on Wednesday, November 13th. They set a “buy” rating and a $842.00 target price on the stock. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $691.40.

Parker-Hannifin Stock Performance

Shares of PH opened at $706.87 on Thursday. Parker-Hannifin has a 12-month low of $426.49 and a 12-month high of $711.60. The stock has a market capitalization of $90.99 billion, a P/E ratio of 31.93, a P/E/G ratio of 2.84 and a beta of 1.43. The firm’s 50 day moving average is $647.32 and its 200-day moving average is $580.73. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The business had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same period last year, the company posted $5.96 EPS. The company’s revenue was up 1.2% compared to the same quarter last year. Equities research analysts anticipate that Parker-Hannifin will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

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

Insider Transactions at Parker-Hannifin

In other news, VP Thomas C. Gentile sold 2,430 shares of the company’s stock in a transaction that occurred 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 directly owns 5,465 shares in the company, valued at $3,831,839.40. The trade was a 30.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the completion of the sale, the chief operating officer now owns 13,120 shares in the company, valued at approximately $9,263,244.80. The trade was a 27.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,077 shares of company stock worth $12,303,829. 0.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Parker-Hannifin

Several institutional investors and hedge funds have recently bought and sold shares of PH. Addison Advisors LLC acquired a new position in Parker-Hannifin during the second quarter worth $25,000. West Branch Capital LLC bought a new position in Parker-Hannifin during the 3rd quarter valued at about $25,000. Bangor Savings Bank boosted its position in Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after buying an additional 31 shares in the last quarter. Fortitude Family Office LLC grew 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 worth $34,000 after buying an additional 52 shares during the last quarter. Finally, Prestige Wealth Management Group LLC increased its holdings in shares of Parker-Hannifin by 83.3% during 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 in the last quarter. Institutional investors own 82.44% of the company’s stock.

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.