Wells Fargo & Company Trims Parker-Hannifin (NYSE:PH) Target Price to $630.00

Parker-Hannifin (NYSE:PH) had its target price reduced by equities research analysts at Wells Fargo & Company from $640.00 to $630.00 in a report released on Monday, Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 14.52% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. TD Cowen raised Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Barclays dropped their price objective on Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Mizuho lifted their target price on shares of Parker-Hannifin from $490.00 to $550.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. Evercore ISI raised their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Finally, Stifel Nicolaus increased their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $539.56.

Parker-Hannifin Stock Down 0.1 %

Shares of NYSE PH opened at $550.14 on Monday. The stock has a market capitalization of $70.64 billion, a P/E ratio of 25.93, a PEG ratio of 1.94 and a beta of 1.51. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. Parker-Hannifin has a one year low of $319.14 and a one year high of $570.15. The firm’s 50 day simple moving average is $545.73 and its two-hundred day simple moving average is $486.41.

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

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 1,079 shares of the company’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 owns 4,200 shares in the company, valued at approximately $2,305,170. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Jay Reidy sold 572 shares of the stock in a transaction on Friday, May 3rd. The stock was 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 $609,989.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the transaction, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PH. OFI Invest Asset Management bought a new position in Parker-Hannifin in the third quarter valued at about $25,000. Sachetta LLC purchased a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $25,000. Wetzel Investment Advisors Inc. bought a new position in shares of Parker-Hannifin in the 4th quarter worth approximately $26,000. Baystate Wealth Management LLC boosted its holdings in shares of Parker-Hannifin by 233.3% in the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock worth $27,000 after buying an additional 49 shares during the last quarter. Finally, First United Bank & Trust bought a new stake in Parker-Hannifin during the fourth quarter valued at approximately $29,000. 82.44% of the stock is owned by hedge funds and other 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.