Parker-Hannifin (NYSE:PH) Price Target Raised to $770.00

Parker-Hannifin (NYSE:PH) had its price objective boosted by Wells Fargo & Company from $670.00 to $770.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

A number of other analysts have also recently weighed in on PH. Evercore ISI raised their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a report on Monday, May 19th. Argus set a $680.00 target price on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Barclays cut their price target on shares of Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Morgan Stanley started coverage on Parker-Hannifin in a report on Thursday, June 5th. They set an “equal weight” rating and a $700.00 price objective for the company. Finally, Wall Street Zen cut Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Wednesday, March 19th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $719.41.

Parker-Hannifin Stock Performance

PH stock opened at $719.15 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. Parker-Hannifin has a 1-year low of $488.45 and a 1-year high of $720.90. The business has a 50-day moving average price of $659.57 and a 200 day moving average price of $643.46. The company has a market capitalization of $91.89 billion, a P/E ratio of 27.69, a PEG ratio of 3.07 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 17.14% and a return on equity of 26.80%. Parker-Hannifin’s revenue was down 2.2% compared to the same quarter last year. During the same period last year, the company posted $6.51 earnings per share. As a group, equities research analysts forecast that Parker-Hannifin will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were paid a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 1.00%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 27.72%.

Insider Activity at Parker-Hannifin

In related 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 value of $93,055.50. Following the sale, the vice president owned 2,083 shares in the company, valued at $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.39% of the stock is owned by company insiders.

Institutional Trading of Parker-Hannifin

Several large investors have recently made changes to their positions in PH. Aster Capital Management DIFC Ltd purchased a new stake in Parker-Hannifin in the fourth quarter valued at $25,000. Wealth Preservation Advisors LLC purchased a new position in shares of Parker-Hannifin during the 1st quarter valued at about $27,000. Millstone Evans Group LLC acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at about $30,000. Saudi Central Bank purchased a new stake in shares of Parker-Hannifin in the first quarter worth about $31,000. Finally, Mpwm Advisory Solutions LLC purchased a new stake in shares of Parker-Hannifin in the fourth quarter worth about $32,000. 82.44% of the stock is owned by hedge funds and other 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.