Parker-Hannifin (NYSE:PH) Price Target Raised to $842.00 at Truist Financial

Parker-Hannifin (NYSE:PH) had its target price hoisted by research analysts at Truist Financial from $788.00 to $842.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price target points to a potential upside of 31.04% from the company’s previous close.

PH has been the topic of a number of other research reports. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Jefferies Financial Group raised their target price on Parker-Hannifin from $765.00 to $810.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Stifel Nicolaus downgraded Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price target for the company. in a report on Monday, November 18th. Mizuho raised their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, KeyCorp boosted their target price on shares of Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus price target of $712.82.

Parker-Hannifin Stock Performance

Parker-Hannifin stock traded down $1.24 during mid-day trading on Thursday, reaching $642.56. 88,009 shares of the company traded hands, compared to its average volume of 635,742. The firm’s fifty day moving average is $670.48 and its two-hundred day moving average is $599.02. The company has a market capitalization of $82.71 billion, a price-to-earnings ratio of 29.02, a price-to-earnings-growth ratio of 2.71 and a beta of 1.43. Parker-Hannifin has a fifty-two week low of $440.00 and a fifty-two week high of $712.42. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The firm had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the prior year, the firm earned $5.96 EPS. The firm’s revenue was up 1.2% on a year-over-year basis. On average, equities research analysts expect that Parker-Hannifin will post 26.75 earnings per share for the current fiscal year.

Insider Transactions at Parker-Hannifin

In other news, VP Thomas C. Gentile sold 2,430 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at approximately $3,831,839.40. The trade was a 30.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at approximately $9,263,244.80. The trade was a 27.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,077 shares of company stock valued at $12,303,829 over the last 90 days. 0.39% of the stock is currently owned by corporate insiders.

Institutional Trading of Parker-Hannifin

Several hedge funds have recently made changes to their positions in PH. West Branch Capital LLC purchased a new stake in Parker-Hannifin in the third quarter valued at $25,000. Bangor Savings Bank lifted its position in Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after buying an additional 31 shares during the last quarter. Addison Advisors LLC purchased a new position in Parker-Hannifin during the second quarter worth about $25,000. Prestige Wealth Management Group LLC raised its stake in shares of Parker-Hannifin by 83.3% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 25 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Parker-Hannifin during the 3rd quarter worth approximately $39,000. Hedge funds and other 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.