Parker-Hannifin (NYSE:PH) Shares Gap Down to $542.96

Parker-Hannifin Co. (NYSE:PH) shares gapped down before the market opened on Thursday . The stock had previously closed at $542.96, but opened at $525.20. Parker-Hannifin shares last traded at $519.08, with a volume of 364,527 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have weighed in on PH shares. Barclays decreased their target price on shares of Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating for the company in a research note on Friday. Stifel Nicolaus boosted their target price on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their price target for the company from $300.00 to $500.00 in a report on Friday, March 1st. Truist Financial lifted their price target on Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Evercore ISI raised their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $523.94.

Parker-Hannifin Trading Up 1.0 %

The company has a quick ratio of 0.49, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $68.85 billion, a PE ratio of 25.27, a PEG ratio of 1.91 and a beta of 1.51. The stock’s fifty day simple moving average is $544.86 and its 200 day simple moving average is $481.66.

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 the consensus estimate of $6.10 by $0.41. The firm had revenue of $5.07 billion during 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%. Parker-Hannifin’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $5.93 EPS. On average, sell-side analysts predict that Parker-Hannifin Co. will post 24.69 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be paid a dividend of $1.63 per share. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. Parker-Hannifin’s payout ratio is 27.90%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Harbor Investment Advisory LLC grew its position in shares of Parker-Hannifin by 60.6% during the first 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. Sachetta LLC purchased a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $25,000. Northwest Investment Counselors LLC bought a new position in shares of Parker-Hannifin during the 1st quarter valued at approximately $31,000. Wetzel Investment Advisors Inc. purchased a new position in shares of Parker-Hannifin in the fourth quarter valued at $26,000. Finally, First United Bank & Trust purchased a new position in shares of Parker-Hannifin in the fourth quarter valued at $29,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

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.