Stifel Nicolaus Raises Parker-Hannifin (NYSE:PH) Price Target to $1,000.00

Parker-Hannifin (NYSE:PH) had its target price boosted by research analysts at Stifel Nicolaus from $965.00 to $1,000.00 in a research note issued on Friday, Marketbeat reports. The brokerage currently has a “hold” rating on the industrial products company’s stock. Stifel Nicolaus’ target price suggests a potential upside of 1.63% from the company’s previous close.

Several other research analysts have also recently weighed in on the company. Morgan Stanley boosted their price target on Parker-Hannifin from $945.00 to $1,038.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 24th. iA Financial set a $1,032.00 price target on Parker-Hannifin in a research note on Thursday, January 29th. Jefferies Financial Group boosted their price target on Parker-Hannifin from $1,050.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Wells Fargo & Company decreased their price target on Parker-Hannifin from $1,050.00 to $980.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Finally, Citigroup raised their price target on shares of Parker-Hannifin from $1,074.00 to $1,092.00 and gave the company a “buy” rating in a report on Friday, January 30th. Seventeen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $998.35.

Parker-Hannifin Trading Up 0.1%

NYSE:PH opened at $983.95 on Friday. The company’s 50 day moving average price is $953.02 and its 200-day moving average price is $880.56. Parker-Hannifin has a 52 week low of $538.08 and a 52 week high of $1,034.96. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. The stock has a market cap of $124.19 billion, a price-to-earnings ratio of 35.88, a PEG ratio of 3.17 and a beta of 1.25.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 EPS for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. During the same quarter in the previous year, the business earned $6.53 EPS. The company’s quarterly revenue was up 9.1% on a year-over-year basis. On average, equities research analysts forecast that Parker-Hannifin will post 26.71 earnings per share for the current fiscal year.

Insider Activity at Parker-Hannifin

In related news, VP Matthew A. Jacobson sold 564 shares of Parker-Hannifin stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $949.94, for a total transaction of $535,766.16. Following the transaction, the vice president directly owned 1,000 shares in the company, valued at approximately $949,940. The trade was a 36.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Todd M. Leombruno sold 2,062 shares of Parker-Hannifin stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $1,002.34, for a total value of $2,066,825.08. Following the transaction, the chief financial officer owned 20,610 shares in the company, valued at $20,658,227.40. This trade represents a 9.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 10,063 shares of company stock valued at $9,891,214 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PH. Procyon Advisors LLC increased its holdings in Parker-Hannifin by 158,565.9% in the 3rd quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock worth $3,843,346,000 after acquiring an additional 5,066,179 shares in the last quarter. Norges Bank purchased a new position in shares of Parker-Hannifin during the 4th quarter valued at $1,756,230,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Parker-Hannifin during the 4th quarter valued at $185,532,000. Focus Partners Wealth lifted its stake in shares of Parker-Hannifin by 1,535.3% during the 4th quarter. Focus Partners Wealth now owns 221,010 shares of the industrial products company’s stock valued at $194,106,000 after buying an additional 207,495 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Parker-Hannifin by 115.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 367,904 shares of the industrial products company’s stock valued at $256,970,000 after buying an additional 197,317 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.