Parker-Hannifin (NYSE:PH) Price Target Raised to $790.00

Parker-Hannifin (NYSE:PH) had its price target raised by KeyCorp from $735.00 to $790.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

Several other research firms also recently commented on PH. Citigroup reissued a “buy” rating and issued a $831.00 price objective (up previously from $709.00) on shares of Parker-Hannifin in a report on Monday. Wolfe Research downgraded Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research report on Thursday, April 3rd. Stifel Nicolaus raised their price target on shares of Parker-Hannifin from $670.00 to $709.00 and gave the stock a “hold” rating in a research report on Friday, July 11th. Barclays lifted their price objective on Parker-Hannifin from $700.00 to $750.00 and gave the company an “overweight” rating in a report on Wednesday, July 9th. Finally, Argus set a $680.00 target price on shares of Parker-Hannifin in a research report on Tuesday, May 6th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Parker-Hannifin has an average rating of “Moderate Buy” and an average price target of $739.12.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $723.47 on Tuesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21. Parker-Hannifin has a 52 week low of $488.45 and a 52 week high of $723.91. The company’s 50 day moving average price is $679.48 and its two-hundred day moving average price is $647.91. The company has a market capitalization of $92.45 billion, a P/E ratio of 27.86, a price-to-earnings-growth ratio of 3.05 and a beta of 1.34.

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

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were issued a dividend of $1.80 per share. The ex-dividend date was Friday, May 9th. This represents a $7.20 annualized dividend and a dividend yield of 1.00%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s dividend payout ratio is currently 27.72%.

Insider Buying and Selling

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

Institutional Trading of Parker-Hannifin

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd bought a new position in shares of Parker-Hannifin during the fourth quarter valued at about $25,000. Wealth Preservation Advisors LLC purchased a new position in shares of Parker-Hannifin in the 1st quarter worth approximately $27,000. Millstone Evans Group LLC bought a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $30,000. Saudi Central Bank purchased a new stake in shares of Parker-Hannifin during the first quarter valued at approximately $31,000. Finally, Mpwm Advisory Solutions LLC bought a new stake in Parker-Hannifin during the fourth quarter worth $32,000. 82.44% of the stock is owned by institutional investors.

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.