Parker-Hannifin (NYSE:PH) Rating Lowered to Hold at StockNews.com

StockNews.com downgraded shares of Parker-Hannifin (NYSE:PH) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

Several other research analysts have also commented on PH. Raymond James boosted their price target on Parker-Hannifin from $610.00 to $650.00 and gave the stock an outperform rating in a research report on Wednesday, September 4th. Wells Fargo & Company boosted their target price on shares of Parker-Hannifin from $600.00 to $640.00 and gave the stock an overweight rating in a report on Friday, August 9th. Truist Financial restated a buy rating and issued a $673.00 price target (up from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Evercore ISI boosted their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an outperform rating in a research note on Monday, August 19th. Finally, Barclays lowered their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an overweight rating for the company in a research note on Tuesday, June 4th. Three research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Parker-Hannifin currently has a consensus rating of Moderate Buy and an average price target of $624.43.

Parker-Hannifin Price Performance

PH opened at $632.92 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. The business’s fifty day simple moving average is $576.89 and its 200-day simple moving average is $550.18. The company has a market capitalization of $81.36 billion, a price-to-earnings ratio of 29.83, a PEG ratio of 2.51 and a beta of 1.43. Parker-Hannifin has a 12-month low of $362.49 and a 12-month high of $639.87.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating the consensus estimate of $6.22 by $0.55. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $6.08 EPS. On average, equities research analysts anticipate that Parker-Hannifin will post 26.63 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s payout ratio is 30.73%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kodai Capital Management LP acquired a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $122,449,000. 1832 Asset Management L.P. raised its position in Parker-Hannifin by 305.0% during the first quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock worth $171,069,000 after acquiring an additional 231,788 shares during the period. AMF Tjanstepension AB lifted its holdings in Parker-Hannifin by 23.0% during the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares in the last quarter. Mackenzie Financial Corp lifted its stake in Parker-Hannifin by 107.7% in the 2nd quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company’s stock valued at $137,437,000 after buying an additional 140,898 shares in the last quarter. Finally, Groupama Asset Managment acquired a new stake in Parker-Hannifin in the 4th quarter worth about $63,043,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

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.