Parker-Hannifin (NYSE:PH) Price Target Raised to $710.00

Parker-Hannifin (NYSE:PH) had its price objective hoisted by investment analysts at Robert W. Baird from $695.00 to $710.00 in a report released on Friday, Benzinga reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Robert W. Baird’s target price would suggest a potential upside of 11.91% from the company’s previous close.

A number of other equities analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Raymond James upped their price objective on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Stifel Nicolaus boosted their price target on Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company raised their price objective on Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, Barclays boosted their price objective on Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $664.57.

Parker-Hannifin Stock Performance

Shares of PH opened at $634.46 on Friday. The company has a market capitalization of $81.64 billion, a PE ratio of 29.12, a price-to-earnings-growth ratio of 2.53 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. Parker-Hannifin has a one year low of $362.49 and a one year high of $646.60. The company’s fifty day moving average price is $614.64 and its 200 day moving average price is $564.27.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same period in the previous year, the company posted $5.96 earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, analysts expect that Parker-Hannifin will post 26.68 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Berend Bracht sold 850 shares of the firm’s 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 sale, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Berend Bracht sold 850 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $1,986,282. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.39% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Several hedge funds have recently added to or reduced their stakes in PH. Physicians Financial Services Inc. lifted its holdings in Parker-Hannifin by 0.9% in the third quarter. Physicians Financial Services Inc. now owns 5,890 shares of the industrial products company’s stock valued at $3,721,000 after buying an additional 50 shares during the period. Granite Group Advisors LLC acquired a new position in shares of Parker-Hannifin in the 3rd quarter valued at $206,000. Portside Wealth Group LLC grew its stake in shares of Parker-Hannifin by 4.0% during the third quarter. Portside Wealth Group LLC now owns 599 shares of the industrial products company’s stock worth $378,000 after purchasing an additional 23 shares during the period. Wilkinson Global Asset Management LLC increased its holdings in Parker-Hannifin by 59.1% in the third quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company’s stock valued at $24,700,000 after purchasing an additional 14,526 shares during the last quarter. Finally, Graypoint LLC boosted its holdings in Parker-Hannifin by 2.4% during the third quarter. Graypoint LLC now owns 1,218 shares of the industrial products company’s stock worth $769,000 after buying an additional 29 shares during the last quarter. 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.