Parker-Hannifin (NYSE:PH) Price Target Raised to $775.00

Parker-Hannifin (NYSE:PH) had its price objective lifted by Wells Fargo & Company from $710.00 to $775.00 in a report released on Friday morning,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Several other research analysts have also recently issued reports on PH. KeyCorp upped their price target on Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Barclays dropped their price target on Parker-Hannifin from $800.00 to $791.00 and set an “overweight” rating on the stock in a report on Friday. UBS Group started coverage on Parker-Hannifin in a report on Wednesday, November 13th. They issued a “buy” rating and a $842.00 price target on the stock. Truist Financial upped their price target on Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Robert W. Baird upped their price target on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $725.06.

Parker-Hannifin Stock Performance

Shares of NYSE PH opened at $707.91 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The stock has a 50 day simple moving average of $666.84 and a 200-day simple moving average of $630.03. The company has a market cap of $91.12 billion, a PE ratio of 31.97, a P/E/G ratio of 2.73 and a beta of 1.45. Parker-Hannifin has a 12-month low of $463.16 and a 12-month high of $718.44.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. On average, equities research analysts forecast that Parker-Hannifin will post 26.73 EPS for the current year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 7th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Friday, February 7th. Parker-Hannifin’s dividend payout ratio is presently 26.99%.

Insider Buying and Selling at Parker-Hannifin

In related news, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This represents a 27.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Thomas C. Gentile sold 2,430 shares of the firm’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 sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $3,831,839.40. The trade was a 30.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,200 shares of company stock worth $8,595,207 over the last ninety days. Company insiders own 0.39% of the company’s stock.

Institutional Trading of Parker-Hannifin

Several hedge funds have recently modified their holdings of the stock. West Branch Capital LLC bought a new position in Parker-Hannifin in the third quarter valued at approximately $25,000. Bangor Savings Bank raised its holdings in shares of Parker-Hannifin by 238.5% during the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 31 shares during the period. Prestige Wealth Management Group LLC increased its stake in Parker-Hannifin by 83.3% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after buying an additional 25 shares during the last quarter. Bank of New Hampshire acquired a new stake in Parker-Hannifin in the 4th quarter valued at $35,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Parker-Hannifin in the 3rd quarter valued at $39,000. 82.44% of the stock is 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.