Parker-Hannifin (NYSE:PH) Reaches New 12-Month High – Time to Buy?

Parker-Hannifin Co. (NYSE:PH) hit a new 52-week high during trading on Friday . The stock traded as high as $640.00 and last traded at $639.91, with a volume of 107330 shares traded. The stock had previously closed at $631.52.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PH shares. Robert W. Baird raised their target price on shares of Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Truist Financial raised their price objective on shares of Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a research report on Wednesday. Evercore ISI upped their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. Raymond James increased their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Finally, Wells Fargo & Company raised their price objective on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $649.86.

Parker-Hannifin Stock Up 1.1 %

The company has a market capitalization of $82.17 billion, a P/E ratio of 28.98, a PEG ratio of 2.57 and a beta of 1.43. 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 50 day moving average of $593.45 and a 200-day moving average of $556.28.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. The firm had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period last year, the company earned $6.08 EPS. As a group, equities analysts anticipate that Parker-Hannifin Co. will post 26.64 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were given a $1.63 dividend. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.02%. Parker-Hannifin’s dividend payout ratio is 29.92%.

Insider Activity

In other news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 3,900 shares in the company, valued at $2,299,947. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.39% of the company’s stock.

Institutional Trading of Parker-Hannifin

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bangor Savings Bank increased its holdings in shares of Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 31 shares in the last quarter. Addison Advisors LLC bought a new stake in Parker-Hannifin in the 2nd quarter worth about $25,000. Harbor Investment Advisory LLC raised its position in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after buying an additional 20 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in Parker-Hannifin during the 1st quarter valued at about $31,000. Finally, Newbridge Financial Services Group Inc. bought a new position in Parker-Hannifin during the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

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.