Raymond James Raises Parker-Hannifin (NYSE:PH) Price Target to $650.00

Parker-Hannifin (NYSE:PH) had its price target lifted by Raymond James from $610.00 to $650.00 in a research note released on Wednesday, Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

Several other analysts also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a buy rating in a research note on Friday, August 9th. Stifel Nicolaus lowered their target price on shares of Parker-Hannifin from $629.00 to $613.00 and set a buy rating for the company in a research note on Thursday, July 18th. Truist Financial reiterated a buy rating and set a $673.00 price objective (up previously from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Barclays dropped their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an overweight rating on the stock in a research note on Tuesday, June 4th. Finally, Mizuho raised shares of Parker-Hannifin from a neutral rating to a buy rating and lifted their price target for the company from $550.00 to $650.00 in a research note on Tuesday, May 28th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $623.00.

Parker-Hannifin Stock Performance

Shares of NYSE:PH opened at $571.64 on Wednesday. The firm has a fifty day simple moving average of $554.47 and a two-hundred day simple moving average of $542.92. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $73.51 billion, a P/E ratio of 26.94, a PEG ratio of 2.44 and a beta of 1.43. Parker-Hannifin has a 52 week low of $362.49 and a 52 week high of $601.30.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, topping the consensus estimate of $6.22 by $0.55. The company had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm’s revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the business posted $6.08 earnings per share. On average, analysts expect that Parker-Hannifin will post 26.61 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.14%. The ex-dividend date is Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the firm’s 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 completion of the transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the sale, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Berend Bracht sold 850 shares of the 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 owns 3,350 shares in the company, valued at approximately $1,986,282. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Parker-Hannifin

Hedge funds have recently bought and sold shares of the stock. TD Asset Management Inc raised its position in shares of Parker-Hannifin by 152.1% in the first quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock worth $73,493,000 after acquiring an additional 79,774 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Parker-Hannifin by 8.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock valued at $12,761,000 after buying an additional 1,802 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Parker-Hannifin in the 4th quarter valued at $4,068,000. Concurrent Investment Advisors LLC increased its holdings in Parker-Hannifin by 261.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock worth $1,397,000 after acquiring an additional 1,819 shares in the last quarter. Finally, Lockheed Martin Investment Management Co. lifted its holdings in Parker-Hannifin by 18.1% during the fourth quarter. Lockheed Martin Investment Management Co. now owns 56,070 shares of the industrial products company’s stock valued at $25,831,000 after purchasing an additional 8,600 shares in the last quarter. 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.