Parker-Hannifin (NYSE:PH) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Parker-Hannifin (NYSE:PH) from a hold rating to a buy rating in a research note released on Saturday.

Several other analysts have also recently weighed in on the company. Truist Financial raised their price target on Parker-Hannifin from $673.00 to $788.00 and gave the company a buy rating in a report on Wednesday. Evercore ISI raised their price target on Parker-Hannifin from $620.00 to $656.00 and gave the company an outperform rating in a report on Monday, August 19th. TD Cowen raised their price target on Parker-Hannifin from $500.00 to $520.00 and gave the company a hold rating in a report on Wednesday, September 11th. Wells Fargo & Company raised their price objective on Parker-Hannifin from $640.00 to $710.00 and gave the company an overweight rating in a report on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Parker-Hannifin from $595.00 to $645.00 and gave the company a buy rating in a report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $649.86.

Parker-Hannifin Stock Performance

Shares of PH opened at $637.15 on Friday. The stock’s 50-day simple moving average is $595.82 and its 200 day simple moving average is $556.93. The stock has a market capitalization of $81.90 billion, a price-to-earnings ratio of 30.03, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. Parker-Hannifin has a 52-week low of $362.49 and a 52-week high of $640.00.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. The business had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.08 EPS. Research analysts forecast that Parker-Hannifin will post 26.64 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were given a $1.63 dividend. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.02%. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the transaction, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the transaction, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Institutional Trading of Parker-Hannifin

Several large investors have recently modified their holdings of the company. TD Asset Management Inc grew its holdings in Parker-Hannifin by 152.1% during the first quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock valued at $73,493,000 after purchasing an additional 79,774 shares during the period. Daiwa Securities Group Inc. grew its holdings in Parker-Hannifin by 8.5% during the first quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock valued at $12,761,000 after purchasing an additional 1,802 shares during the period. Concurrent Investment Advisors LLC grew its holdings in Parker-Hannifin by 261.4% during the first quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock valued at $1,397,000 after purchasing an additional 1,819 shares during the period. Oppenheimer Asset Management Inc. grew its holdings in Parker-Hannifin by 54.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 17,165 shares of the industrial products company’s stock valued at $9,540,000 after purchasing an additional 6,029 shares during the period. Finally, Janney Montgomery Scott LLC grew its holdings in Parker-Hannifin by 16.5% during the first quarter. Janney Montgomery Scott LLC now owns 42,523 shares of the industrial products company’s stock valued at $23,634,000 after purchasing an additional 6,013 shares during the period. Institutional investors own 82.44% of the company’s stock.

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 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.