Parker-Hannifin (NYSE:PH) Hits New 1-Year High Following Analyst Upgrade

Parker-Hannifin Co. (NYSE:PH) shares hit a new 52-week high during mid-day trading on Tuesday after Argus raised their price target on the stock from $650.00 to $710.00. Argus currently has a buy rating on the stock. Parker-Hannifin traded as high as $646.67 and last traded at $645.87, with a volume of 55113 shares trading hands. The stock had previously closed at $638.00.

Several other equities analysts also recently weighed in on the stock. Stifel Nicolaus raised their target price on shares of Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Mizuho lifted their price objective on Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Robert W. Baird increased their target price on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Raymond James increased their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $673.14.

Insider Activity at Parker-Hannifin

In related news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Joseph R. Leonti sold 5,877 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the sale, the vice president now owns 15,350 shares in the company, valued at $9,686,464. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the transaction, the director now owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,478 shares of company stock valued at $5,245,221. Insiders own 0.39% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Institutional investors have recently modified their holdings of the company. TD Asset Management Inc grew its holdings in Parker-Hannifin by 152.1% in the 1st quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock worth $73,493,000 after buying an additional 79,774 shares in the last quarter. Concurrent Investment Advisors LLC increased its holdings in shares of Parker-Hannifin by 261.4% during the first quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock valued at $1,397,000 after purchasing an additional 1,819 shares during the period. Oppenheimer Asset Management Inc. raised its stake in shares of Parker-Hannifin by 54.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 17,165 shares of the industrial products company’s stock valued at $9,540,000 after purchasing an additional 6,029 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Parker-Hannifin in the first quarter worth about $4,638,000. Finally, UniSuper Management Pty Ltd increased its stake in 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 buying an additional 2,289 shares during the period. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Trading Up 2.4 %

The business’s 50 day moving average price is $617.66 and its two-hundred day moving average price is $566.76. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The company has a market capitalization of $84.09 billion, a price-to-earnings ratio of 29.52, a price-to-earnings-growth ratio of 2.56 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.96 earnings per share. Equities analysts forecast that Parker-Hannifin Co. will post 26.84 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

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

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.