KeyCorp Increases Parker-Hannifin (NYSE:PH) Price Target to $790.00

Parker-Hannifin (NYSE:PH) had its target price upped by KeyCorp from $775.00 to $790.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Several other brokerages also recently commented on PH. Robert W. Baird boosted their target price on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Jefferies Financial Group boosted their price target on shares of Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Wolfe Research raised shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective for the company in a report on Thursday, December 12th. Truist Financial boosted their target price on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Barclays dropped their price target on Parker-Hannifin from $800.00 to $791.00 and set an “overweight” rating for the company in a report on Friday. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $725.06.

Parker-Hannifin Price Performance

NYSE:PH opened at $707.91 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The company has a 50-day moving average of $666.84 and a 200-day moving average of $629.60. Parker-Hannifin has a 52 week low of $463.16 and a 52 week high of $718.44. The company has a market capitalization of $91.12 billion, a price-to-earnings ratio of 31.97, a PEG ratio of 2.73 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, beating the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. As a group, equities research analysts anticipate that Parker-Hannifin will post 26.73 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 7th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a yield of 0.92%. Parker-Hannifin’s dividend payout ratio is presently 29.45%.

Insider Activity

In related news, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at approximately $9,263,244.80. This represents a 27.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jennifer A. Parmentier sold 4,906 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the completion of the transaction, the chief executive officer now directly owns 33,607 shares in the company, valued at approximately $23,682,516.83. The trade was a 12.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,200 shares of company stock valued at $8,595,207 in the last ninety days. 0.39% of the stock is owned by insiders.

Institutional Trading of Parker-Hannifin

Institutional investors have recently modified their holdings of the company. State Street Corp grew its position in Parker-Hannifin by 13.8% in the third quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock valued at $3,918,696,000 after purchasing an additional 753,143 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Parker-Hannifin by 39.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company’s stock valued at $1,249,645,000 after acquiring an additional 564,365 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Parker-Hannifin by 64,081.5% in the third quarter. International Assets Investment Management LLC now owns 381,880 shares of the industrial products company’s stock valued at $241,279,000 after acquiring an additional 381,285 shares during the last quarter. World Investment Advisors LLC bought a new stake in Parker-Hannifin during the third quarter worth about $226,570,000. Finally, Mizuho Securities USA LLC boosted its position in Parker-Hannifin by 3,566.4% during the third quarter. Mizuho Securities USA LLC now owns 363,302 shares of the industrial products company’s stock valued at $229,541,000 after purchasing an additional 353,393 shares during the last quarter. 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.