Parker-Hannifin (NYSE:PH) PT Lowered to $630.00

Parker-Hannifin (NYSE:PH) had its target price lowered by Wells Fargo & Company from $640.00 to $630.00 in a research note published on Monday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the industrial products company’s stock.

A number of other equities analysts have also issued reports on PH. Evercore ISI raised their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an outperform rating in a research report on Tuesday, February 20th. 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 report on Friday, May 3rd. TD Cowen raised Parker-Hannifin from an underperform rating to a market perform rating and increased their price target for the stock from $300.00 to $500.00 in a research report on Friday, March 1st. Truist Financial boosted their price objective on Parker-Hannifin from $602.00 to $611.00 and gave the company a buy rating in a report on Friday, May 3rd. Finally, KeyCorp raised their target price on Parker-Hannifin from $575.00 to $640.00 and gave the stock an overweight rating in a report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin has an average rating of Moderate Buy and a consensus price target of $548.53.

Parker-Hannifin Trading Up 1.3 %

Shares of Parker-Hannifin stock opened at $560.69 on Monday. The firm’s 50 day simple moving average is $546.21 and its two-hundred day simple moving average is $486.88. The firm has a market capitalization of $72.07 billion, a price-to-earnings ratio of 26.42, a PEG ratio of 1.94 and a beta of 1.51. Parker-Hannifin has a 12-month low of $319.14 and a 12-month 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.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the prior year, the firm earned $5.93 EPS. The firm’s revenue was up .3% on a year-over-year basis. Analysts predict that Parker-Hannifin will post 24.62 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.16%. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Insider Activity at Parker-Hannifin

In other news, VP Jay Reidy sold 572 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the transaction, the vice president now owns 1,137 shares in the company, valued at approximately $609,989.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the sale, the vice president now owns 4,200 shares in the company, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is owned by insiders.

Institutional Investors Weigh In On Parker-Hannifin

Institutional investors and hedge funds have recently bought and sold shares of the stock. OFI Invest Asset Management purchased a new stake in shares of Parker-Hannifin in the 3rd quarter valued at about $25,000. Sachetta LLC acquired a new position in Parker-Hannifin during the fourth quarter worth approximately $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Parker-Hannifin in the fourth quarter valued at approximately $26,000. Baystate Wealth Management LLC boosted its holdings in shares of Parker-Hannifin by 233.3% in the third 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 during the period. Finally, First United Bank & Trust purchased a new position in shares of Parker-Hannifin during the fourth quarter worth approximately $29,000. 82.44% of the stock is owned by hedge funds and other 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.