Parker-Hannifin (NYSE:PH) PT Raised to $611.00

Parker-Hannifin (NYSE:PH) had its price target raised by Truist Financial from $602.00 to $611.00 in a report issued on Friday morning, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

Several other research analysts have also recently commented on PH. KeyCorp increased their target price on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an overweight rating in a report on Thursday, April 11th. Mizuho upped their target price on Parker-Hannifin from $490.00 to $550.00 and gave the stock a neutral rating in a report on Friday. Stifel Nicolaus boosted their price target on Parker-Hannifin from $588.00 to $629.00 and gave the stock a buy rating in a research report on Wednesday, April 3rd. Evercore ISI raised their target price on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. Finally, TD Cowen upgraded shares of Parker-Hannifin from an underperform rating to a market perform rating and increased their price target for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $539.56.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $550.79 on Friday. The company’s 50 day moving average price is $545.36 and its two-hundred day moving average price is $485.16. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. Parker-Hannifin has a 52 week low of $319.14 and a 52 week high of $570.15. The company has a market capitalization of $70.73 billion, a P/E ratio of 25.96, a price-to-earnings-growth ratio of 1.94 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.10 by $0.41. The firm had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the business posted $5.93 EPS. On average, analysts expect that Parker-Hannifin will post 24.62 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th 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 1.18%. The ex-dividend date is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is presently 27.90%.

Institutional Investors Weigh In On Parker-Hannifin

A number of large investors have recently added to or reduced their stakes in PH. FMR LLC increased its position in shares of Parker-Hannifin by 9.6% in the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock worth $1,437,096,000 after purchasing an additional 324,063 shares during the period. Invesco Ltd. lifted its holdings in shares of Parker-Hannifin by 1.8% during the 3rd quarter. Invesco Ltd. now owns 2,911,452 shares of the industrial products company’s stock worth $1,134,069,000 after acquiring an additional 52,739 shares during the period. Norges Bank bought a new position in Parker-Hannifin in the fourth quarter valued at approximately $665,188,000. Northern Trust Corp raised its position in Parker-Hannifin by 2.9% during the third quarter. Northern Trust Corp now owns 1,310,125 shares of the industrial products company’s stock valued at $510,320,000 after purchasing an additional 36,744 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd boosted its holdings in shares of Parker-Hannifin by 42.2% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock valued at $521,861,000 after purchasing an additional 336,370 shares in the last quarter. 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.