Citigroup Issues Positive Forecast for Parker-Hannifin (NYSE:PH) Stock Price

Parker-Hannifin (NYSE:PH) had its price objective lifted by Citigroup from $1,092.00 to $1,137.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Other equities analysts also recently issued research reports about the company. Wells Fargo & Company reduced their price target on Parker-Hannifin from $1,050.00 to $980.00 and set an “overweight” rating for the company in a research report on Wednesday, April 1st. Barclays upped their price target on Parker-Hannifin from $990.00 to $1,020.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Truist Financial set a $1,139.00 price target on Parker-Hannifin in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parker-Hannifin in a research report on Thursday, January 22nd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Parker-Hannifin in a research report on Thursday, January 29th. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,000.60.

Parker-Hannifin Price Performance

Shares of PH opened at $989.62 on Monday. Parker-Hannifin has a 52-week low of $538.08 and a 52-week high of $1,034.96. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 1.18. The stock has a 50 day simple moving average of $953.77 and a 200 day simple moving average of $883.20. The firm has a market capitalization of $124.91 billion, a PE ratio of 36.09, a P/E/G ratio of 3.17 and a beta of 1.25.

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

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 6th were issued a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, February 6th. Parker-Hannifin’s dividend payout ratio is presently 26.26%.

Insider Buying and Selling

In other news, COO Andrew D. Ross sold 4,664 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $999.00, for a total value of $4,659,336.00. Following the completion of the sale, the chief operating officer owned 13,120 shares of the company’s stock, valued at approximately $13,106,880. This represents a 26.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Berend Bracht sold 1,457 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $946.48, for a total value of $1,379,021.36. Following the completion of the sale, the vice president directly owned 2,580 shares of the company’s stock, valued at approximately $2,441,918.40. The trade was a 36.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 10,063 shares of company stock worth $9,891,214 in the last quarter. 0.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Parker-Hannifin

Several large investors have recently made changes to their positions in PH. Brighton Jones LLC raised its stake in Parker-Hannifin by 5.9% in the 4th quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company’s stock valued at $1,150,000 after acquiring an additional 101 shares during the period. Bison Wealth LLC raised its stake in Parker-Hannifin by 4.5% in the 4th quarter. Bison Wealth LLC now owns 749 shares of the industrial products company’s stock valued at $476,000 after acquiring an additional 32 shares during the period. Empowered Funds LLC raised its stake in Parker-Hannifin by 0.5% in the 1st quarter. Empowered Funds LLC now owns 2,894 shares of the industrial products company’s stock valued at $1,759,000 after acquiring an additional 15 shares during the period. Acadian Asset Management LLC raised its stake in Parker-Hannifin by 26.2% in the 1st quarter. Acadian Asset Management LLC now owns 799 shares of the industrial products company’s stock valued at $484,000 after acquiring an additional 166 shares during the period. Finally, Sivia Capital Partners LLC raised its stake in Parker-Hannifin by 3.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 430 shares of the industrial products company’s stock valued at $300,000 after acquiring an additional 15 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

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.