Parker-Hannifin (NYSE:PH) Price Target Cut to $600.00

Parker-Hannifin (NYSE:PH) had its price objective lowered by investment analysts at Wells Fargo & Company from $630.00 to $600.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 13.60% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. Argus boosted their price objective on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Bank of America lifted their price objective on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their target price for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Truist Financial raised their price objective on Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Finally, Barclays decreased their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus price target of $567.81.

Parker-Hannifin Stock Up 1.0 %

Shares of NYSE:PH opened at $528.16 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The company has a market capitalization of $67.89 billion, a PE ratio of 24.89, a price-to-earnings-growth ratio of 1.98 and a beta of 1.44. Parker-Hannifin has a 1 year low of $362.49 and a 1 year high of $570.15. The business has a fifty day moving average price of $525.02 and a two-hundred day moving average price of $518.93.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating 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 business had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same period in the previous year, the business earned $5.93 EPS. Parker-Hannifin’s revenue was up .3% compared to the same quarter last year. Analysts forecast that Parker-Hannifin will post 24.85 earnings per share for the current year.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the sale, the vice president now directly owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jay Reidy sold 572 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Parker-Hannifin

Several hedge funds have recently modified their holdings of the stock. Daiwa Securities Group Inc. boosted its position in shares of Parker-Hannifin by 8.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock worth $12,761,000 after buying an additional 1,802 shares in the last quarter. Sapient Capital LLC purchased a new stake in Parker-Hannifin during the 4th quarter worth $1,392,000. abrdn plc raised its position in shares of Parker-Hannifin by 57.8% in the 4th quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock valued at $25,247,000 after purchasing an additional 20,073 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at about $4,068,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in Parker-Hannifin during the fourth quarter valued at approximately $3,305,000. 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.