Evercore ISI Boosts Parker-Hannifin (NYSE:PH) Price Target to $656.00

Parker-Hannifin (NYSE:PH) had its price objective lifted by analysts at Evercore ISI from $620.00 to $656.00 in a report released on Monday, Benzinga reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Evercore ISI’s price objective would suggest a potential upside of 11.57% from the company’s previous close.

Several other research analysts have also issued reports on PH. Raymond James initiated coverage on shares of Parker-Hannifin in a research report on Friday, June 28th. They issued an “outperform” rating and a $610.00 price target for the company. Mizuho upgraded 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. Argus upped their price target on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Wells Fargo & Company boosted their price target on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Finally, Barclays reduced their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $620.14.

Parker-Hannifin Stock Performance

Parker-Hannifin stock traded up $4.58 during trading hours on Monday, hitting $587.98. The stock had a trading volume of 79,703 shares, compared to its average volume of 665,193. The company has a 50-day moving average of $532.04 and a two-hundred day moving average of $535.77. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. Parker-Hannifin has a fifty-two week low of $362.49 and a fifty-two week high of $593.28. The company has a market cap of $75.58 billion, a PE ratio of 27.47, a price-to-earnings-growth ratio of 2.35 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The business 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%. Parker-Hannifin’s revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $6.08 earnings per share. On average, equities research analysts anticipate that Parker-Hannifin will post 26.61 EPS for the current fiscal year.

Institutional Investors Weigh In On Parker-Hannifin

Several institutional investors have recently added to or reduced their stakes in PH. Fidelis Capital Partners LLC increased its stake in Parker-Hannifin by 2.3% in the 1st quarter. Fidelis Capital Partners LLC now owns 851 shares of the industrial products company’s stock valued at $473,000 after buying an additional 19 shares during the last quarter. Harbor Investment Advisory LLC raised its holdings in Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 20 shares in the last quarter. GoalVest Advisory LLC boosted its position in Parker-Hannifin by 40.0% during the first quarter. GoalVest Advisory LLC now owns 70 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 20 shares during the last quarter. American Trust grew its stake in Parker-Hannifin by 3.2% in the first quarter. American Trust now owns 649 shares of the industrial products company’s stock valued at $361,000 after purchasing an additional 20 shares in the last quarter. Finally, TFG Advisers LLC increased its position in shares of Parker-Hannifin by 0.9% during the 2nd quarter. TFG Advisers LLC now owns 2,171 shares of the industrial products company’s stock worth $1,098,000 after purchasing an additional 20 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

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.