Barclays Increases Parker-Hannifin (NYSE:PH) Price Target to $703.00

Parker-Hannifin (NYSE:PH) had its target price upped by analysts at Barclays from $650.00 to $703.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. Barclays‘s price target suggests a potential upside of 12.24% from the company’s current price.

PH has been the topic of several other reports. Robert W. Baird upped their target price on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Evercore ISI raised their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. TD Cowen boosted their target price on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research report on Wednesday, September 11th. Stifel Nicolaus raised their price target on shares of Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Truist Financial reaffirmed a “buy” rating and issued a $673.00 price objective (up previously from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $636.64.

Parker-Hannifin Stock Performance

PH stock opened at $626.31 on Wednesday. The firm has a 50 day simple moving average of $585.40 and a 200 day simple moving average of $553.40. Parker-Hannifin has a 52 week low of $362.49 and a 52 week high of $639.87. The stock has a market cap of $80.59 billion, a P/E ratio of 29.52, a P/E/G ratio of 2.57 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. During the same quarter last year, the business posted $6.08 EPS. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. Research analysts anticipate that Parker-Hannifin will post 26.63 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction on 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 directly owns 3,900 shares in the company, valued at approximately $2,299,947. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, 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 sale, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction on 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 transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The disclosure for this sale can be found here. 1.03% of the stock is owned by company insiders.

Institutional Investors Weigh In On Parker-Hannifin

Several institutional investors and hedge funds have recently bought and sold shares of the business. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin during the 2nd quarter valued at about $25,000. Harbor Investment Advisory LLC lifted its stake in Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 20 shares during the period. Northwest Investment Counselors LLC acquired a new stake in Parker-Hannifin during the first quarter valued at approximately $31,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $30,000. Finally, Fortitude Family Office LLC raised its holdings in shares of Parker-Hannifin by 346.7% in the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after buying an additional 52 shares in 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.