JPMorgan Chase & Co. lowered shares of Parker-Hannifin (NYSE:PH) from an overweight rating to a neutral rating in a research report released on Wednesday, Benzinga reports. The brokerage currently has $169.00 price objective on the industrial products company’s stock, down from their previous price objective of $186.00.
Other research analysts have also issued research reports about the stock. Morgan Stanley set a $18.00 price objective on shares of PG&E and gave the company a hold rating in a research report on Friday, June 14th. Stifel Nicolaus raised shares of QUALCOMM from a hold rating to a buy rating and increased their price target for the stock from $57.00 to $100.00 in a research report on Tuesday, April 16th. Citigroup increased their price target on shares of SolarWinds from $20.00 to $23.00 and gave the stock a buy rating in a research report on Monday, May 6th. Finally, Barclays increased their price target on shares of Stanley Black & Decker from $135.00 to $145.00 and gave the stock an overweight rating in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $179.75.
Shares of PH opened at $169.07 on Wednesday. The company’s 50-day moving average is $164.49. The firm has a market capitalization of $21.69 billion, a price-to-earnings ratio of 14.40, a P/E/G ratio of 1.53 and a beta of 1.55. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.07. Parker-Hannifin has a 52 week low of $140.82 and a 52 week high of $193.19.
Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $3.17 EPS for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.16. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.72 billion. Parker-Hannifin had a net margin of 10.04% and a return on equity of 26.27%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.80 earnings per share. Equities research analysts predict that Parker-Hannifin will post 11.63 earnings per share for the current year.
In other Parker-Hannifin news, VP Robert W. Malone sold 336 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $156.76, for a total transaction of $52,671.36. Following the sale, the vice president now directly owns 24,260 shares of the company’s stock, valued at $3,802,997.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.12% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the business. Advisor Group Inc. boosted its stake in Parker-Hannifin by 13.8% during the fourth quarter. Advisor Group Inc. now owns 6,805 shares of the industrial products company’s stock worth $1,016,000 after buying an additional 823 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in Parker-Hannifin by 7.8% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 21,640 shares of the industrial products company’s stock valued at $3,227,000 after purchasing an additional 1,560 shares during the period. Commonwealth Bank of Australia raised its position in Parker-Hannifin by 8.5% in the fourth quarter. Commonwealth Bank of Australia now owns 15,744 shares of the industrial products company’s stock valued at $2,340,000 after purchasing an additional 1,234 shares during the period. United Services Automobile Association raised its position in Parker-Hannifin by 0.3% in the fourth quarter. United Services Automobile Association now owns 122,491 shares of the industrial products company’s stock valued at $18,268,000 after purchasing an additional 373 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Parker-Hannifin by 23.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 683,224 shares of the industrial products company’s stock valued at $101,897,000 after purchasing an additional 131,234 shares during the period. 79.64% of the stock is currently owned by hedge funds and other institutional investors.
Parker-Hannifin Company Profile
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
See Also: Cost of Goods Sold (COGS)
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