Parker-Hannifin (NYSE:PH) PT Lowered to $618.00 at Barclays

Parker-Hannifin (NYSE:PH) had its target price cut by Barclays from $625.00 to $618.00 in a report released on Friday, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

A number of other equities analysts also recently commented on PH. Mizuho lifted their target price on Parker-Hannifin from $490.00 to $550.00 and gave the company a neutral rating in a research note on Friday. KeyCorp boosted their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Evercore ISI increased their target price on Parker-Hannifin from $505.00 to $590.00 and gave the stock an outperform rating in a research report on Tuesday, February 20th. TD Cowen upgraded Parker-Hannifin from an underperform rating to a market perform rating and raised their target price for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Finally, Truist Financial initiated coverage on shares of Parker-Hannifin in a research report on Thursday, March 14th. They set a buy rating and a $602.00 price target for the company. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $539.56.

Parker-Hannifin Stock Performance

Shares of PH traded up $14.61 during mid-day trading on Friday, hitting $550.79. The stock had a trading volume of 604,637 shares, compared to its average volume of 603,099. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The company has a market cap of $70.73 billion, a PE ratio of 25.91, a PEG ratio of 1.94 and a beta of 1.51. Parker-Hannifin has a fifty-two week low of $319.14 and a fifty-two week high of $570.15. The company’s fifty day simple moving average is $544.96 and its two-hundred day simple moving average is $483.92.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The firm had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same quarter in the previous year, the company posted $5.93 earnings per share. The firm’s revenue was up .3% on a year-over-year basis. On average, equities analysts expect that Parker-Hannifin will post 24.62 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is 27.90%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at $665,188,000. Alphinity Investment Management Pty Ltd acquired a new stake in shares of Parker-Hannifin in the third quarter worth about $310,208,000. FMR LLC boosted its stake in shares of Parker-Hannifin by 9.6% during the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock worth $1,437,096,000 after acquiring an additional 324,063 shares in the last quarter. Kodai Capital Management LP acquired a new position in shares of Parker-Hannifin during the 4th quarter valued at about $122,449,000. Finally, International Assets Investment Management LLC raised its stake in shares of Parker-Hannifin by 65,634.7% in the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock valued at $101,149,000 after acquiring an additional 219,220 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

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.