Evercore ISI Issues Positive Forecast for Parker-Hannifin (NYSE:PH) Stock Price

Parker-Hannifin (NYSE:PH) had its price target increased by Evercore ISI from $777.00 to $824.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the industrial products company’s stock.

A number of other equities research analysts have also recently commented on the company. Wolfe Research raised Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 target price on the stock in a research note on Thursday, December 12th. TD Cowen increased their target price on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Barclays cut their target price on Parker-Hannifin from $800.00 to $791.00 and set an “overweight” rating on the stock in a research note on Friday, January 31st. Truist Financial increased their target price on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company upped their price target on Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $739.06.

Parker-Hannifin Price Performance

Shares of PH stock opened at $667.06 on Wednesday. The stock has a market cap of $85.86 billion, a price-to-earnings ratio of 27.61, a PEG ratio of 2.87 and a beta of 1.45. The business’s fifty day moving average is $665.65 and its 200 day moving average is $643.57. Parker-Hannifin has a twelve month low of $492.71 and a twelve month high of $718.44. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, topping the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. Research analysts expect that Parker-Hannifin will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 7th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 0.98%. The ex-dividend date of this dividend is Friday, February 7th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 26.99%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Ascent Group LLC raised its stake in shares of Parker-Hannifin by 5.6% in the fourth quarter. Ascent Group LLC now owns 3,697 shares of the industrial products company’s stock worth $2,351,000 after buying an additional 196 shares during the period. Putney Financial Group LLC bought a new position in shares of Parker-Hannifin in the fourth quarter worth about $82,000. AlphaCore Capital LLC bought a new position in shares of Parker-Hannifin in the fourth quarter worth about $1,183,000. Mackenzie Financial Corp raised its stake in shares of Parker-Hannifin by 6.4% in the fourth quarter. Mackenzie Financial Corp now owns 274,913 shares of the industrial products company’s stock worth $174,853,000 after buying an additional 16,472 shares during the period. Finally, Forum Financial Management LP raised its stake in shares of Parker-Hannifin by 2.6% in the fourth quarter. Forum Financial Management LP now owns 1,365 shares of the industrial products company’s stock worth $868,000 after buying an additional 35 shares during the period. Institutional investors own 82.44% of the company’s stock.

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.