TD Cowen Boosts Parker-Hannifin (NYSE:PH) Price Target to $520.00

Parker-Hannifin (NYSE:PH) had its target price increased by TD Cowen from $500.00 to $520.00 in a research note published on Wednesday, Benzinga reports. The firm currently has a hold rating on the industrial products company’s stock.

A number of other brokerages have also issued reports on PH. Raymond James increased their price target on Parker-Hannifin from $610.00 to $650.00 and gave the company an outperform rating in a research note on Wednesday, September 4th. Robert W. Baird raised their target price on Parker-Hannifin from $622.00 to $654.00 and gave the stock an outperform rating in a research report on Friday, August 9th. Truist Financial reaffirmed a buy rating and issued a $673.00 target price (up previously from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. Barclays decreased their target price on Parker-Hannifin from $618.00 to $610.00 and set an overweight rating for the company in a research report on Tuesday, June 4th. Finally, Mizuho raised Parker-Hannifin from a neutral rating to a buy rating and raised their target price for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $624.43.

Parker-Hannifin Stock Up 0.6 %

PH opened at $591.33 on Wednesday. Parker-Hannifin has a 12 month low of $362.49 and a 12 month high of $601.30. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The stock has a market cap of $76.05 billion, a P/E ratio of 27.87, a P/E/G ratio of 2.37 and a beta of 1.43. The stock’s 50 day moving average price is $562.14 and its 200 day moving average price is $544.93.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same period last year, the firm earned $6.08 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. As a group, research analysts predict that Parker-Hannifin will post 26.67 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.10%. Parker-Hannifin’s dividend payout ratio is 30.73%.

Insider Activity

In related news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, VP Berend Bracht sold 850 shares of the 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 sale, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now owns 3,900 shares in the company, valued at $2,299,947. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Parker-Hannifin by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock worth $5,872,694,000 after buying an additional 105,475 shares in the last quarter. Norges Bank acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at $665,188,000. Boston Partners lifted its stake in shares of Parker-Hannifin by 4.1% in the 1st quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock valued at $617,878,000 after purchasing an additional 43,535 shares during the period. Legal & General Group Plc lifted its stake in shares of Parker-Hannifin by 1.3% in the 2nd quarter. Legal & General Group Plc now owns 985,280 shares of the industrial products company’s stock valued at $498,366,000 after purchasing an additional 12,615 shares during the period. Finally, AMF Tjanstepension AB lifted its stake in shares of Parker-Hannifin by 23.0% in the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

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.