StockNews.com Upgrades Parker-Hannifin (NYSE:PH) to Buy

StockNews.com upgraded shares of Parker-Hannifin (NYSE:PH) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning.

Several other research firms also recently commented on PH. Robert W. Baird boosted their target price on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an outperform rating in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a buy rating in a report on Friday, August 9th. Barclays increased their target price on shares of Parker-Hannifin from $650.00 to $703.00 and gave the stock an overweight rating in a research report on Wednesday. Stifel Nicolaus boosted their price target on Parker-Hannifin from $633.00 to $691.00 and gave the stock a buy rating in a research report on Wednesday. Finally, Evercore ISI raised their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the company an outperform rating in a research note on Monday, August 19th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $636.64.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $630.68 on Wednesday. The business has a fifty day simple moving average of $586.92 and a 200 day simple moving average of $554.05. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. Parker-Hannifin has a 1 year low of $362.49 and a 1 year high of $639.87. The firm has a market cap of $81.07 billion, a price-to-earnings ratio of 29.72, a P/E/G ratio of 2.57 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. The company had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the business earned $6.08 EPS. As a group, sell-side analysts predict that Parker-Hannifin will post 26.63 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.03%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s payout ratio is currently 30.73%.

Insiders Place Their Bets

In related news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated 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 directly owns 3,900 shares in the company, valued at $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction dated 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 directly owns 3,350 shares in the company, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their position. 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

A number of institutional investors have recently added to or reduced their stakes in PH. Jones Financial Companies Lllp increased its position in shares of Parker-Hannifin by 9.2% during the 4th quarter. Jones Financial Companies Lllp now owns 723 shares of the industrial products company’s stock worth $333,000 after purchasing an additional 61 shares in the last quarter. Rafferty Asset Management LLC increased its holdings in shares of Parker-Hannifin by 5.6% during the fourth quarter. Rafferty Asset Management LLC now owns 10,774 shares of the industrial products company’s stock worth $4,964,000 after buying an additional 572 shares in the last quarter. Lake Street Advisors Group LLC bought a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $604,000. Tower Research Capital LLC TRC boosted its holdings in shares of Parker-Hannifin by 136.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 17,291 shares of the industrial products company’s stock worth $7,966,000 after acquiring an additional 9,973 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its position in Parker-Hannifin by 12.8% during the 4th quarter. Oppenheimer & Co. Inc. now owns 8,265 shares of the industrial products company’s stock worth $3,808,000 after acquiring an additional 938 shares during the last quarter. 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.