Parker-Hannifin (NYSE:PH) Price Target Raised to $691.00

Parker-Hannifin (NYSE:PH) had its price objective lifted by equities research analysts at Stifel Nicolaus from $689.00 to $691.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “hold” rating on the industrial products company’s stock. Stifel Nicolaus’ price target points to a potential downside of 3.31% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Wells Fargo & Company increased their target price on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a research report on Friday. UBS Group started coverage on shares of Parker-Hannifin in a research report on Wednesday, November 13th. They set a “buy” rating and a $842.00 target price for the company. KeyCorp upped their price target on shares of Parker-Hannifin from $775.00 to $790.00 and gave the company an “overweight” rating in a research note on Friday. Jefferies Financial Group upped their price target on shares of Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Argus upped their price target on shares of Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Two investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $727.38.

Parker-Hannifin Stock Up 1.5 %

Shares of PH traded up $10.77 during mid-day trading on Friday, hitting $714.66. The company’s stock had a trading volume of 276,340 shares, compared to its average volume of 611,696. Parker-Hannifin has a 52-week low of $463.16 and a 52-week high of $718.44. The company’s 50-day moving average is $666.82 and its 200-day moving average is $628.47. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $91.99 billion, a price-to-earnings ratio of 32.28, a PEG ratio of 2.73 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, beating analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. On average, equities research analysts forecast that Parker-Hannifin will post 26.73 EPS for the current fiscal year.

Insider Buying and Selling

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the transaction, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the stock in a transaction 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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,200 shares of company stock valued at $8,595,207. Corporate insiders own 0.39% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PH. West Branch Capital LLC purchased a new position in shares of Parker-Hannifin in the third quarter worth about $25,000. Bangor Savings Bank lifted its stake in shares of Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after buying an additional 31 shares in the last quarter. Prestige Wealth Management Group LLC lifted its stake in shares of Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after buying an additional 25 shares in the last quarter. Bank of New Hampshire purchased a new position in shares of Parker-Hannifin in the fourth quarter worth about $35,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Parker-Hannifin during the third quarter worth about $39,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Company Profile

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.