Raymond James Raises Parker-Hannifin (NYSE:PH) Price Target to $650.00

Parker-Hannifin (NYSE:PH) had its target price raised by Raymond James from $610.00 to $650.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

Other research analysts have also issued reports about the company. Barclays lowered their price objective on Parker-Hannifin from $618.00 to $610.00 and set an overweight rating for the company in a research report on Tuesday, June 4th. Truist Financial reissued a buy rating and issued a $673.00 price target (up from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a buy rating in a research report on Friday, August 9th. Wells Fargo & Company boosted their target price on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an overweight rating in a research report on Friday, August 9th. Finally, Bank of America raised their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the stock a buy rating in a report on Friday, May 17th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin presently has an average rating of Moderate Buy and a consensus target price of $623.00.

Parker-Hannifin Price Performance

Shares of PH opened at $571.31 on Wednesday. The business has a 50-day moving average of $554.47 and a 200-day moving average of $543.08. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The company has a market capitalization of $73.44 billion, a price-to-earnings ratio of 26.92, a price-to-earnings-growth ratio of 2.44 and a beta of 1.43. Parker-Hannifin has a 1 year low of $362.49 and a 1 year high of $601.30.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results 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. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter in the previous year, the company earned $6.08 EPS. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, equities research analysts anticipate that Parker-Hannifin will post 26.61 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend is Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

Insider Activity at Parker-Hannifin

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

A number of hedge funds have recently made changes to their positions in the business. TD Asset Management Inc raised its position in Parker-Hannifin by 152.1% in the first quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock worth $73,493,000 after acquiring an additional 79,774 shares during the period. Daiwa Securities Group Inc. lifted its stake in Parker-Hannifin by 8.5% in the first quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock valued at $12,761,000 after purchasing an additional 1,802 shares during the last quarter. Quadrature Capital Ltd bought a new position in Parker-Hannifin during the fourth quarter valued at $4,068,000. Concurrent Investment Advisors LLC increased its position in Parker-Hannifin by 261.4% in the first quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock worth $1,397,000 after buying an additional 1,819 shares during the last quarter. Finally, Lockheed Martin Investment Management Co. raised its stake in shares of Parker-Hannifin by 18.1% in the fourth quarter. Lockheed Martin Investment Management Co. now owns 56,070 shares of the industrial products company’s stock valued at $25,831,000 after buying an additional 8,600 shares during the period. 82.44% of the stock is currently owned by 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.