Parker-Hannifin Corporation (NYSE:PH) had its price objective increased by equities research analysts at Citigroup Inc. from $175.00 to $185.00 in a note issued to investors on Friday. The brokerage presently has a “neutral” rating on the industrial products company’s stock. Citigroup Inc.’s price objective would indicate a potential upside of 2.73% from the company’s current price.
Several other research analysts have also issued reports on PH. BidaskClub raised Parker-Hannifin Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, June 21st. Jefferies Group LLC set a $163.00 target price on Parker-Hannifin Corporation and gave the stock a “hold” rating in a research report on Wednesday, June 28th. Stifel Nicolaus reaffirmed a “buy” rating and set a $176.00 target price on shares of Parker-Hannifin Corporation in a research report on Thursday, July 6th. Wolfe Research started coverage on Parker-Hannifin Corporation in a research report on Tuesday, July 11th. They set an “outperform” rating and a $182.00 target price for the company. Finally, Zacks Investment Research lowered Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $178.44.
Parker-Hannifin Corporation (NYSE:PH) last announced its earnings results on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.31 by $0.14. The business had revenue of $3.50 billion during the quarter, compared to analyst estimates of $3.52 billion. Parker-Hannifin Corporation had a return on equity of 22.90% and a net margin of 8.18%. Parker-Hannifin Corporation’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same period last year, the company earned $1.90 EPS.
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In other Parker-Hannifin Corporation news, Director Candy M. Obourn sold 1,241 shares of Parker-Hannifin Corporation stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $161.46, for a total transaction of $200,371.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Martin C. Maxwell sold 2,640 shares of Parker-Hannifin Corporation stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $165.67, for a total value of $437,368.80. Following the transaction, the vice president now owns 31,718 shares of the company’s stock, valued at approximately $5,254,721.06. The disclosure for this sale can be found here. Insiders have sold a total of 5,389 shares of company stock valued at $878,913 in the last quarter. Company insiders own 1.12% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in PH. Neuberger Berman Group LLC boosted its stake in shares of Parker-Hannifin Corporation by 1.0% in the 1st quarter. Neuberger Berman Group LLC now owns 8,588 shares of the industrial products company’s stock worth $1,377,000 after buying an additional 82 shares during the last quarter. Citizens Financial Group Inc. RI boosted its stake in shares of Parker-Hannifin Corporation by 132,744.1% in the 1st quarter. Citizens Financial Group Inc. RI now owns 45,167 shares of the industrial products company’s stock worth $7,242,000 after buying an additional 45,133 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Parker-Hannifin Corporation by 3.3% in the 1st quarter. Teachers Advisors LLC now owns 845,658 shares of the industrial products company’s stock worth $135,576,000 after buying an additional 27,245 shares during the last quarter. Royce & Associates LP boosted its stake in shares of Parker-Hannifin Corporation by 17.0% in the 1st quarter. Royce & Associates LP now owns 58,500 shares of the industrial products company’s stock worth $9,379,000 after buying an additional 8,500 shares during the last quarter. Finally, Stephens Inc. AR boosted its stake in shares of Parker-Hannifin Corporation by 4.0% in the 1st quarter. Stephens Inc. AR now owns 2,532 shares of the industrial products company’s stock worth $406,000 after buying an additional 98 shares during the last quarter. Hedge funds and other institutional investors own 79.72% of the company’s stock.
Parker-Hannifin Corporation Company Profile
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.
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