Mizuho Increases Parker-Hannifin (NYSE:PH) Price Target to $550.00

Parker-Hannifin (NYSE:PH) had its price target raised by Mizuho from $490.00 to $550.00 in a research note released on Friday morning, Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

A number of other research analysts have also commented on the company. TD Cowen raised 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 initiated coverage on shares of Parker-Hannifin in a research note on Thursday, March 14th. They set a buy rating and a $602.00 target price on the stock. Stifel Nicolaus upped their price target on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a buy rating in a research note on Wednesday, April 3rd. Evercore ISI increased their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an outperform rating in a report on Tuesday, February 20th. Finally, Barclays boosted their target price on Parker-Hannifin from $558.00 to $625.00 and gave the stock an overweight rating in a report on Tuesday, April 2nd. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Parker-Hannifin presently has a consensus rating of Moderate Buy and an average price target of $539.56.

Parker-Hannifin Stock Performance

NYSE:PH traded up $14.61 during mid-day trading on Friday, hitting $550.79. The stock had a trading volume of 604,637 shares, compared to its average volume of 603,099. Parker-Hannifin has a 52 week low of $319.14 and a 52 week high of $570.15. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $70.73 billion, a price-to-earnings ratio of 25.91, a P/E/G ratio of 1.94 and a beta of 1.51. The company has a 50 day simple moving average of $544.96 and a 200-day simple moving average of $483.92.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter in the previous year, the company posted $5.93 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. On average, research analysts expect that Parker-Hannifin will post 24.62 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be given a $1.63 dividend. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.18%. Parker-Hannifin’s dividend payout ratio (DPR) is 27.90%.

Institutional Investors Weigh In On Parker-Hannifin

Hedge funds have recently made changes to their positions in the company. OFI Invest Asset Management acquired a new stake in Parker-Hannifin during the 3rd quarter valued at $25,000. Sachetta LLC purchased a new stake in Parker-Hannifin in the 4th quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new stake in Parker-Hannifin during the 4th quarter worth about $26,000. Baystate Wealth Management LLC grew its stake in Parker-Hannifin by 233.3% during the 3rd quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 49 shares in the last quarter. Finally, First United Bank & Trust acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at about $29,000. Hedge funds and other 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.