Argus Raises Parker-Hannifin (NYSE:PH) Price Target to $590.00

Parker-Hannifin (NYSE:PH) had its price objective hoisted by equities research analysts at Argus from $550.00 to $590.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Argus’ target price would suggest a potential upside of 7.25% from the company’s previous close.

Several other research firms have also issued reports on PH. Evercore ISI increased their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Truist Financial increased their price target on Parker-Hannifin from $602.00 to $611.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Stifel Nicolaus boosted their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Mizuho raised their target price on Parker-Hannifin from $490.00 to $550.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. Finally, TD Cowen raised Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $300.00 to $500.00 in a research report on Friday, March 1st. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $539.56.

Parker-Hannifin Trading Down 0.1 %

PH stock opened at $550.14 on Monday. Parker-Hannifin has a 52 week low of $319.14 and a 52 week high of $570.15. The company has a market cap of $70.64 billion, a price-to-earnings ratio of 25.93, a PEG ratio of 1.94 and a beta of 1.51. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The business has a fifty day simple moving average of $545.73 and a 200-day simple moving average of $486.41.

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

Insider Transactions at Parker-Hannifin

In related news, VP Jay Reidy sold 572 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at $609,989.13. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now directly owns 4,200 shares in the company, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Jay Reidy sold 572 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

A number of large investors have recently bought and sold shares of PH. OFI Invest Asset Management bought a new stake in shares of Parker-Hannifin in the 3rd quarter worth approximately $25,000. Sachetta LLC bought a new stake in Parker-Hannifin in the fourth quarter valued at $25,000. Wetzel Investment Advisors Inc. bought a new stake in Parker-Hannifin in the fourth quarter valued at $26,000. Baystate Wealth Management LLC boosted its holdings in shares of Parker-Hannifin by 233.3% during the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 49 shares during the period. Finally, First United Bank & Trust bought a new position in shares of Parker-Hannifin during the fourth quarter worth about $29,000. Institutional investors 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.