Parker-Hannifin (NYSE:PH) Price Target Raised to $656.00

Parker-Hannifin (NYSE:PH) had its target price increased by equities researchers at Evercore ISI from $620.00 to $656.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. Evercore ISI’s price objective suggests a potential upside of 12.66% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Barclays decreased their price objective on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Argus boosted their target price on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Stifel Nicolaus cut their target price on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Finally, Truist Financial reissued a “buy” rating and set a $673.00 target price (up previously from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $620.14.

Parker-Hannifin Trading Down 0.7 %

Shares of NYSE:PH opened at $582.29 on Monday. The stock has a market capitalization of $74.85 billion, a PE ratio of 27.44, a P/E/G ratio of 2.35 and a beta of 1.44. Parker-Hannifin has a 1 year low of $362.49 and a 1 year high of $593.28. The firm has a fifty day moving average price of $534.44 and a 200 day moving average price of $536.88. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. The firm had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. Parker-Hannifin’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $6.08 earnings per share. Analysts expect that Parker-Hannifin will post 26.61 EPS for the current fiscal year.

Insider Activity

In other news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.03% of the stock is owned by company insiders.

Institutional Trading of Parker-Hannifin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Parker-Hannifin by 1.0% in the first quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock valued at $5,872,694,000 after acquiring an additional 105,475 shares during the period. Norges Bank bought a new stake in Parker-Hannifin during the fourth quarter worth about $665,188,000. Boston Partners grew its stake in Parker-Hannifin by 4.1% during the first quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock worth $617,878,000 after buying an additional 43,535 shares during the last quarter. Legal & General Group Plc grew its stake in Parker-Hannifin by 1.3% during the second quarter. Legal & General Group Plc now owns 985,280 shares of the industrial products company’s stock worth $498,366,000 after buying an additional 12,615 shares during the last quarter. Finally, AMF Tjanstepension AB grew its stake 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 worth $383,594,000 after buying an additional 141,862 shares during the last quarter. 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.