Raymond James Initiates Coverage on Parker-Hannifin (NYSE:PH)

Equities research analysts at Raymond James assumed coverage on shares of Parker-Hannifin (NYSE:PH) in a research report issued on Friday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $610.00 price target on the industrial products company’s stock. Raymond James’ price objective points to a potential upside of 20.60% from the company’s current price.

Several other brokerages also recently commented on PH. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their target price for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Bank of America increased their price objective on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Argus increased their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a report on Monday, May 6th. KeyCorp increased their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Finally, Wells Fargo & Company lowered their price objective on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a report on Monday, May 6th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin has an average rating of “Moderate Buy” and an average price target of $569.06.

Parker-Hannifin Trading Up 0.3 %

Shares of PH stock opened at $505.81 on Friday. The stock has a 50-day simple moving average of $531.05 and a 200 day simple moving average of $515.68. Parker-Hannifin has a fifty-two week low of $362.49 and a fifty-two week high of $570.15. The stock has a market capitalization of $65.02 billion, a P/E ratio of 23.84, a P/E/G ratio of 2.02 and a beta of 1.46. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating the consensus estimate of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter last year, the business posted $5.93 earnings per share. The company’s quarterly revenue was up .3% on a year-over-year basis. On average, sell-side analysts expect that Parker-Hannifin will post 24.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the transaction, the vice president now owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Parker-Hannifin

Several institutional investors have recently bought and sold shares of PH. Norges Bank bought a new position in Parker-Hannifin in the 4th quarter valued at $665,188,000. Alphinity Investment Management Pty Ltd raised its position in Parker-Hannifin by 42.2% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock valued at $521,861,000 after purchasing an additional 336,370 shares during the last quarter. Kodai Capital Management LP bought a new position in Parker-Hannifin in the 4th quarter valued at $122,449,000. 1832 Asset Management L.P. raised its position in Parker-Hannifin by 305.0% in the 1st quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock valued at $171,069,000 after purchasing an additional 231,788 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in shares of Parker-Hannifin by 65,634.7% in the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock valued at $101,149,000 after buying an additional 219,220 shares during the period. 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.