Parker-Hannifin (NYSE:PH) Receives “Buy” Rating from Citigroup

Parker-Hannifin (NYSE:PH)‘s stock had its “buy” rating restated by investment analysts at Citigroup in a research note issued to investors on Monday, MarketBeat.com reports. They presently have a $831.00 price target on the industrial products company’s stock, up from their prior price target of $709.00. Citigroup’s price target points to a potential upside of 16.66% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on PH. Argus set a $680.00 target price on Parker-Hannifin in a research report on Tuesday, May 6th. Evercore ISI lifted their target price on Parker-Hannifin from $824.00 to $827.00 and gave the stock an “outperform” rating in a research report on Monday, May 19th. Morgan Stanley lifted their target price on Parker-Hannifin from $700.00 to $725.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 9th. Wells Fargo & Company lifted their target price on Parker-Hannifin from $670.00 to $770.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Finally, Mizuho set a $785.00 target price on Parker-Hannifin in a research report on Friday, May 16th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $735.88.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $712.31 on Monday. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin has a 1 year low of $488.45 and a 1 year high of $720.90. The business has a fifty day simple moving average of $674.22 and a 200 day simple moving average of $646.44. The firm has a market cap of $91.02 billion, a price-to-earnings ratio of 27.43, a P/E/G ratio of 3.07 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period last year, the company earned $6.51 earnings per share. The business’s revenue was down 2.2% compared to the same quarter last year. As a group, sell-side analysts predict that Parker-Hannifin will post 26.71 earnings per share for the current fiscal year.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, the vice president owned 2,083 shares of the company’s stock, valued at $1,292,230.71. This represents a 6.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Parker-Hannifin

Large investors have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new stake in Parker-Hannifin in the 4th quarter valued at about $25,000. Wealth Preservation Advisors LLC bought a new position in shares of Parker-Hannifin during the first quarter worth approximately $27,000. Millstone Evans Group LLC bought a new position in Parker-Hannifin in the fourth quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC bought a new position in Parker-Hannifin in the fourth quarter valued at approximately $32,000. Finally, Saudi Central Bank bought a new position in Parker-Hannifin in the first quarter valued at approximately $31,000. 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.