Parker-Hannifin (NYSE:PH) Given New $710.00 Price Target at Argus

by · The Cerbat Gem

Parker-Hannifin (NYSE:PH – Free Report) had its target price hoisted by Argus from $650.00 to $710.00 in a research note released on Tuesday, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

Several other analysts have also recently issued reports on PH. Deutsche Bank Aktiengesellschaft upped their price target on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a report on Friday, August 9th. Wells Fargo & Company increased their target price on Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. KeyCorp lifted their price objective on shares of Parker-Hannifin from $640.00 to $725.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Truist Financial raised their price target on shares of Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Mizuho increased their price objective 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 analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $673.14.

Read Our Latest Research Report on PH

Parker-Hannifin Price Performance

Shares of PH stock opened at $653.57 on Tuesday. The firm has a fifty day simple moving average of $617.66 and a 200-day simple moving average of $566.76. The company has a market capitalization of $84.09 billion, a PE ratio of 29.52, a price-to-earnings-growth ratio of 2.56 and a beta of 1.43. Parker-Hannifin has a twelve month low of $399.19 and a twelve month high of $653.97. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH – Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The business had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the previous year, the firm posted $5.96 earnings per share. The company’s revenue was up 1.2% compared to the same quarter last year. Equities research analysts anticipate that Parker-Hannifin will post 26.84 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid a dividend of $1.63 per share. The ex-dividend date is Friday, November 8th. This represents a $6.52 annualized dividend and a yield of 1.00%. Parker-Hannifin’s dividend payout ratio is currently 29.45%.

Insider Transactions at Parker-Hannifin

In other news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the transaction, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction on 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 sale, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 8,478 shares of company stock valued at $5,245,221 in the last quarter. Insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. TD Asset Management Inc grew its stake in Parker-Hannifin by 152.1% during the 1st quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock valued at $73,493,000 after acquiring an additional 79,774 shares in the last quarter. Concurrent Investment Advisors LLC increased its stake in shares of Parker-Hannifin by 261.4% in the first quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock worth $1,397,000 after acquiring an additional 1,819 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Parker-Hannifin by 54.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 17,165 shares of the industrial products company’s stock worth $9,540,000 after purchasing an additional 6,029 shares in the last quarter. Quantbot Technologies LP bought a new position in Parker-Hannifin during the first quarter valued at approximately $4,638,000. Finally, UniSuper Management Pty Ltd raised its holdings in shares of Parker-Hannifin by 198.7% during the 1st quarter. UniSuper Management Pty Ltd now owns 3,441 shares of the industrial products company’s stock valued at $1,912,000 after purchasing an additional 2,289 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Company Profile

(Get Free Report)

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.

Read More