Parker-Hannifin (NYSE:PH) Price Target Raised to $788.00

Parker-Hannifin (NYSE:PH) had its price target raised by Truist Financial from $673.00 to $788.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Several other research firms have also issued reports on PH. Deutsche Bank Aktiengesellschaft upped their target price on Parker-Hannifin from $595.00 to $645.00 and gave the stock a buy rating in a report on Friday, August 9th. Barclays raised their target price on shares of Parker-Hannifin from $650.00 to $703.00 and gave the company an overweight rating in a research note on Wednesday, October 2nd. Raymond James increased their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an outperform rating in a research note on Wednesday, September 4th. Evercore ISI boosted their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an outperform rating in a research note on Monday, August 19th. Finally, 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. 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 MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $649.86.

Parker-Hannifin Stock Up 0.9 %

Shares of Parker-Hannifin stock opened at $637.15 on Wednesday. The firm has a market cap of $81.90 billion, a PE ratio of 30.03, a P/E/G ratio of 2.57 and a beta of 1.43. The business’s 50 day simple moving average is $595.82 and its 200 day simple moving average is $556.93. 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 has a 52-week low of $362.49 and a 52-week high of $640.00.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data 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 company 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 firm’s revenue was up 1.8% compared to the same quarter last year. During the same period last year, the company earned $6.08 earnings per share. On average, analysts predict that Parker-Hannifin will post 26.64 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Insider Transactions at Parker-Hannifin

In related news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Berend Bracht sold 850 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were 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 in the company, valued at approximately $1,986,282. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph Scaminace sold 1,751 shares of the business’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 owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

A number of institutional investors have recently modified their holdings of PH. Creative Planning lifted its stake in Parker-Hannifin by 9.9% in the 3rd quarter. Creative Planning now owns 28,003 shares of the industrial products company’s stock valued at $17,693,000 after purchasing an additional 2,513 shares during the last quarter. Wesbanco Bank Inc. boosted its holdings in shares of Parker-Hannifin by 0.7% during the 3rd quarter. Wesbanco Bank Inc. now owns 33,037 shares of the industrial products company’s stock valued at $20,873,000 after acquiring an additional 214 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in Parker-Hannifin during the 3rd quarter worth $268,000. Grove Bank & Trust increased its holdings in Parker-Hannifin by 20.7% in the 3rd quarter. Grove Bank & Trust now owns 134 shares of the industrial products company’s stock worth $85,000 after purchasing an additional 23 shares in the last quarter. Finally, ORG Partners LLC raised its position in Parker-Hannifin by 164.8% in the third quarter. ORG Partners LLC now owns 241 shares of the industrial products company’s stock valued at $152,000 after purchasing an additional 150 shares during the last quarter. Institutional investors and hedge funds 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.