Wells Fargo & Company Lowers Parker-Hannifin (NYSE:PH) Price Target to $630.00

Parker-Hannifin (NYSE:PH) had its price objective decreased by Wells Fargo & Company from $640.00 to $630.00 in a report issued on Monday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the industrial products company’s stock.

PH has been the topic of several other research reports. Stifel Nicolaus increased their price target on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a buy rating in a report on Wednesday, April 3rd. Truist Financial increased their price target on Parker-Hannifin from $602.00 to $611.00 and gave the stock a buy rating in a research report on Friday, May 3rd. Barclays decreased their price objective on Parker-Hannifin from $625.00 to $618.00 and set an overweight rating for the company in a report on Friday, May 3rd. KeyCorp increased their target price on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an overweight rating in a research note on Thursday, April 11th. Finally, Mizuho boosted their price target on shares of Parker-Hannifin from $490.00 to $550.00 and gave the stock a neutral rating in a report on Friday, May 3rd. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $548.53.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $560.69 on Monday. Parker-Hannifin has a 12-month low of $319.14 and a 12-month high of $570.15. The business’s fifty day simple moving average is $546.21 and its 200-day simple moving average is $486.88. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The company has a market cap of $72.07 billion, a PE ratio of 26.42, a PEG ratio of 1.94 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping the consensus estimate of $6.10 by $0.41. The business had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the company earned $5.93 earnings per share. Analysts expect that Parker-Hannifin will post 24.62 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a yield of 1.16%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

Insider Activity

In related news, VP Jay Reidy sold 572 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now owns 1,137 shares in the company, valued at approximately $609,989.13. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the company’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 transaction of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction on Monday, May 6th. The shares were 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 $2,305,170. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

Several institutional investors have recently made changes to their positions in PH. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Parker-Hannifin by 6.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,732 shares of the industrial products company’s stock valued at $22,877,000 after buying an additional 3,347 shares in the last quarter. Brighton Jones LLC grew its holdings in shares of Parker-Hannifin by 7.7% during the third quarter. Brighton Jones LLC now owns 1,237 shares of the industrial products company’s stock worth $482,000 after buying an additional 88 shares in the last quarter. Baystate Wealth Management LLC lifted its stake in shares of Parker-Hannifin by 233.3% during the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock valued at $27,000 after buying an additional 49 shares during the period. IFM Investors Pty Ltd boosted its position in Parker-Hannifin by 4.4% during the third quarter. IFM Investors Pty Ltd now owns 25,427 shares of the industrial products company’s stock worth $9,904,000 after acquiring an additional 1,077 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Parker-Hannifin by 10.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 508,680 shares of the industrial products company’s stock worth $198,141,000 after acquiring an additional 47,845 shares during the period. 82.44% of the stock is currently 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.