Parker-Hannifin (NYSE:PH) Price Target Cut to $791.00 by Analysts at Barclays

Parker-Hannifin (NYSE:PH) had its price target cut by Barclays from $800.00 to $791.00 in a report released on Friday,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

A number of other equities research analysts have also issued reports on the company. Argus upped their target price on Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Jefferies Financial Group upped their target price on shares of Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a report on Friday, December 6th. Wolfe Research upgraded shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 target price on the stock in a research report on Thursday, December 12th. Robert W. Baird raised their price target on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, KeyCorp increased their price target on shares of Parker-Hannifin from $725.00 to $775.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average price target of $725.06.

Parker-Hannifin Price Performance

Shares of PH opened at $707.91 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The stock’s 50 day moving average is $666.84 and its two-hundred day moving average is $629.60. Parker-Hannifin has a twelve month low of $463.16 and a twelve month high of $718.44. The firm has a market capitalization of $91.12 billion, a PE ratio of 31.97, a P/E/G ratio of 2.73 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, beating the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. Research analysts anticipate that Parker-Hannifin will post 26.73 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 7th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date is Friday, February 7th. Parker-Hannifin’s payout ratio is currently 29.45%.

Insider Buying and Selling

In other news, VP Thomas C. Gentile sold 2,430 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total value of $1,703,818.80. Following the transaction, the vice president now directly owns 5,465 shares in the company, valued at approximately $3,831,839.40. This trade represents a 30.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Andrew D. Ross sold 4,864 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the sale, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at approximately $9,263,244.80. This represents a 27.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,200 shares of company stock worth $8,595,207. Insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

Hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC lifted its holdings in Parker-Hannifin by 1.1% in the 4th quarter. Global Retirement Partners LLC now owns 1,392 shares of the industrial products company’s stock valued at $886,000 after acquiring an additional 15 shares during the last quarter. Wilkinson Global Asset Management LLC raised its holdings in shares of Parker-Hannifin by 2.9% in the 4th quarter. Wilkinson Global Asset Management LLC now owns 40,223 shares of the industrial products company’s stock worth $25,583,000 after purchasing an additional 1,130 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund lifted its stake in Parker-Hannifin by 38.9% during the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 5,285 shares of the industrial products company’s stock valued at $3,361,000 after purchasing an additional 1,479 shares during the last quarter. Kestra Investment Management LLC bought a new stake in Parker-Hannifin during the fourth quarter worth approximately $40,000. Finally, Atria Wealth Solutions Inc. grew its position in Parker-Hannifin by 5.8% in the fourth quarter. Atria Wealth Solutions Inc. now owns 11,184 shares of the industrial products company’s stock worth $7,113,000 after buying an additional 611 shares during the last quarter. 82.44% of the stock is currently owned by 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.