Parker-Hannifin (NYSE:PH) Earns Outperform Rating from Analysts at Raymond James

Raymond James began coverage on shares of Parker-Hannifin (NYSE:PH) in a report released on Friday, MarketBeat reports. The firm issued an outperform rating and a $610.00 target price on the industrial products company’s stock.

A number of other research analysts have also recently commented on PH. TD Cowen upgraded Parker-Hannifin from an underperform rating to a market perform rating and upped their price target for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. Mizuho raised Parker-Hannifin from a neutral rating to a buy rating and lifted their target price for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Argus increased their price target on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a buy rating in a research report on Monday, May 6th. Barclays dropped their price objective on shares of Parker-Hannifin from $618.00 to $610.00 and set an overweight rating for the company in a report on Tuesday, June 4th. Finally, 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 report on Thursday, April 11th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $569.06.

Parker-Hannifin Price Performance

PH stock opened at $505.81 on Friday. Parker-Hannifin has a 52-week low of $362.49 and a 52-week high of $570.15. The business has a fifty day moving average of $531.05 and a two-hundred day moving average of $516.21. The stock has a market cap of $65.02 billion, a price-to-earnings ratio of 23.84, a price-to-earnings-growth 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 issued its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same period last year, the company earned $5.93 EPS. The company’s quarterly revenue was up .3% on a year-over-year basis. As a group, research analysts anticipate that Parker-Hannifin will post 24.85 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.29%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. Parker-Hannifin’s dividend payout ratio is 30.73%.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Parker-Hannifin

Several large investors have recently modified their holdings of the company. Norges Bank acquired a new stake in Parker-Hannifin during the 4th quarter worth $665,188,000. Alphinity Investment Management Pty Ltd grew its holdings in shares of Parker-Hannifin by 42.2% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after buying an additional 336,370 shares during the last quarter. Kodai Capital Management LP acquired a new position in Parker-Hannifin in the 4th quarter valued at about $122,449,000. 1832 Asset Management L.P. raised its stake in Parker-Hannifin by 305.0% during 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 acquiring an additional 231,788 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its position in Parker-Hannifin by 65,634.7% during the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after acquiring an additional 219,220 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

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.