Parker-Hannifin (NYSE:PH) PT Raised to $656.00

Parker-Hannifin (NYSE:PH) had its target price raised by Evercore ISI from $620.00 to $656.00 in a report released on Monday morning, Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

PH has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft lifted their price objective on Parker-Hannifin from $595.00 to $645.00 and gave the company a buy rating in a research note on Friday, August 9th. Argus lifted their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the company a buy rating in a research note on Monday, May 6th. Barclays decreased their price objective on Parker-Hannifin from $618.00 to $610.00 and set an overweight rating for the company in a research note on Tuesday, June 4th. Truist Financial reiterated a buy rating and issued a $673.00 price objective (up previously from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Finally, Wells Fargo & Company lifted their price objective on Parker-Hannifin from $600.00 to $640.00 and gave the company an overweight rating in a research note on Friday, August 9th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Parker-Hannifin currently has a consensus rating of Moderate Buy and a consensus price target of $620.14.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $587.30 on Monday. The firm has a 50 day moving average of $536.67 and a two-hundred day moving average of $537.58. The stock has a market capitalization of $75.49 billion, a PE ratio of 27.68, a P/E/G ratio of 2.37 and a beta of 1.44. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. Parker-Hannifin has a 52 week low of $362.49 and a 52 week high of $593.28.

Parker-Hannifin (NYSE:PH) last released its 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 during the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. Parker-Hannifin’s revenue was up 1.8% compared to the same quarter last year. During the same period last year, the business posted $6.08 earnings per share. On average, research analysts predict that Parker-Hannifin will post 26.61 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend is Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Insiders Place Their Bets

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin 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 transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.03% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PH. Norges Bank purchased a new position in shares of Parker-Hannifin in the 4th quarter valued at approximately $665,188,000. Kodai Capital Management LP purchased a new position in shares of Parker-Hannifin in the 4th quarter valued at approximately $122,449,000. 1832 Asset Management L.P. grew its stake in shares of Parker-Hannifin by 305.0% in 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 purchasing an additional 231,788 shares during the last quarter. AMF Tjanstepension AB grew its stake in shares of Parker-Hannifin by 23.0% in the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of Parker-Hannifin by 107.7% in the second quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company’s stock valued at $137,437,000 after buying an additional 140,898 shares in the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

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.