Stifel Nicolaus Raises Parker-Hannifin (NYSE:PH) Price Target to $691.00

Parker-Hannifin (NYSE:PH) had its price objective increased by Stifel Nicolaus from $633.00 to $691.00 in a research report report published on Wednesday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the industrial products company’s stock.

Several other analysts have also commented on the company. TD Cowen lifted their price objective on Parker-Hannifin from $500.00 to $520.00 and gave the stock a hold rating in a report on Wednesday, September 11th. Truist Financial restated a buy rating and set a $673.00 price target (up from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Wells Fargo & Company increased their price objective on shares of Parker-Hannifin from $600.00 to $640.00 and gave the stock an overweight rating in a research note on Friday, August 9th. StockNews.com lowered shares of Parker-Hannifin from a buy rating to a hold rating in a research report on Tuesday, September 24th. Finally, Robert W. Baird increased their price target on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an outperform rating in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin has an average rating of Moderate Buy and an average price target of $636.64.

Parker-Hannifin Stock Up 0.7 %

PH stock opened at $630.68 on Wednesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. Parker-Hannifin has a 1-year low of $362.49 and a 1-year high of $639.87. The stock has a market capitalization of $81.07 billion, a P/E ratio of 29.72, a P/E/G ratio of 2.57 and a beta of 1.43. The business has a fifty day moving average price of $586.92 and a 200-day moving average price of $554.05.

Parker-Hannifin (NYSE:PH) last announced its quarterly 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. The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the firm posted $6.08 EPS. Equities analysts forecast that Parker-Hannifin will post 26.63 earnings per share for the current fiscal 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 issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.03%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction on 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 $1,986,282. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 sale, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction 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 completion of the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. 1832 Asset Management L.P. boosted its stake in Parker-Hannifin by 305.0% during the first quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock worth $171,069,000 after buying an additional 231,788 shares during the period. AMF Tjanstepension AB boosted its stake in shares of Parker-Hannifin by 23.0% during the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock worth $383,594,000 after purchasing an additional 141,862 shares during the period. Mackenzie Financial Corp grew its holdings in Parker-Hannifin by 107.7% during the 2nd quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company’s stock valued at $137,437,000 after purchasing an additional 140,898 shares during the last quarter. Groupama Asset Managment purchased a new stake in Parker-Hannifin in the 4th quarter worth about $63,043,000. Finally, Congress Asset Management Co. MA lifted its stake in Parker-Hannifin by 503.9% in the first quarter. Congress Asset Management Co. MA now owns 156,196 shares of the industrial products company’s stock worth $86,812,000 after purchasing an additional 130,331 shares during the last quarter. 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.