Wells Fargo & Company Raises Parker-Hannifin (NYSE:PH) Price Target to $775.00

Parker-Hannifin (NYSE:PH) had its target price lifted by research analysts at Wells Fargo & Company from $710.00 to $775.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 9.36% from the company’s previous close.

Several other analysts have also recently issued reports on PH. Jefferies Financial Group increased their target price on Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a research report on Friday, December 6th. KeyCorp raised their price target on shares of Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. UBS Group initiated coverage on shares of Parker-Hannifin in a report on Wednesday, November 13th. They issued a “buy” rating and a $842.00 price target on the stock. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Finally, Mizuho lifted their target price on shares of Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus price target of $726.31.

Parker-Hannifin Trading Up 0.7 %

NYSE:PH traded up $4.78 during mid-day trading on Friday, hitting $708.67. 84,835 shares of the stock traded hands, compared to its average volume of 603,187. The stock has a market capitalization of $91.22 billion, a price-to-earnings ratio of 32.00, a PEG ratio of 2.73 and a beta of 1.45. The firm’s 50 day moving average is $666.82 and its two-hundred day moving average is $628.47. Parker-Hannifin has a 52 week low of $463.16 and a 52 week high of $712.42. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

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

Insider Activity

In related news, CEO Jennifer A. Parmentier sold 4,906 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total value of $3,457,209.14. Following the completion of the transaction, the chief executive officer now owns 33,607 shares in the company, valued at $23,682,516.83. The trade was a 12.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Thomas C. Gentile sold 2,430 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the completion of the sale, the vice president now owns 5,465 shares in the company, valued at $3,831,839.40. The trade was a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,200 shares of company stock valued at $8,595,207. Company insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

Several hedge funds and other institutional investors have recently made changes to their positions in the business. West Branch Capital LLC acquired a new stake in shares of Parker-Hannifin in the third quarter valued at approximately $25,000. Bangor Savings Bank lifted its position in Parker-Hannifin by 238.5% during the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 31 shares during the period. Prestige Wealth Management Group LLC grew its stake in shares of Parker-Hannifin by 83.3% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 25 shares during the last quarter. Bank of New Hampshire acquired a new position in Parker-Hannifin during the 4th quarter worth approximately $35,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Parker-Hannifin in the 3rd quarter valued at approximately $39,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

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.