Parker-Hannifin (NYSE:PH) Reaches New 12-Month High on Analyst Upgrade

Parker-Hannifin Co. (NYSE:PH)’s share price hit a new 52-week high during trading on Tuesday after Argus raised their price target on the stock from $650.00 to $710.00. Argus currently has a buy rating on the stock. Parker-Hannifin traded as high as $646.67 and last traded at $645.87, with a volume of 55113 shares. The stock had previously closed at $638.00.

PH has been the subject of several other research reports. Wells Fargo & Company increased their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Evercore ISI lifted their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. TD Cowen upped their target price on Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a report on Wednesday, September 11th. Mizuho increased their price target on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $673.14.

Insider Buying and Selling at Parker-Hannifin

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 transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $631.04, for a total value of $3,708,622.08. Following the transaction, the vice president now directly owns 15,350 shares of the company’s stock, valued at $9,686,464. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,478 shares of company stock worth $5,245,221 over the last 90 days. Corporate insiders own 0.39% of the company’s stock.

Institutional Trading of Parker-Hannifin

Several large investors have recently bought and sold shares of PH. Norden Group LLC bought a new position in shares of Parker-Hannifin in the 1st quarter worth about $350,000. Rehmann Capital Advisory Group purchased a new position in shares of Parker-Hannifin during the first quarter valued at approximately $325,000. Mediolanum International Funds Ltd bought a new stake in shares of Parker-Hannifin in the 1st quarter worth approximately $1,163,000. Empirical Finance LLC grew its stake in shares of Parker-Hannifin by 3.5% in the 1st quarter. Empirical Finance LLC now owns 4,633 shares of the industrial products company’s stock worth $2,575,000 after buying an additional 155 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in Parker-Hannifin by 9.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 12,420 shares of the industrial products company’s stock valued at $6,903,000 after buying an additional 1,088 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Stock Up 8.5 %

The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The company has a fifty day simple moving average of $620.09 and a 200 day simple moving average of $567.76. The firm has a market capitalization of $91.26 billion, a P/E ratio of 32.03, a P/E/G ratio of 2.57 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, beating the consensus estimate of $6.14 by $0.06. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. Parker-Hannifin’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the prior year, the firm posted $5.96 EPS. On average, equities analysts expect that Parker-Hannifin Co. will post 26.84 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be given a $1.63 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 annualized dividend and a yield of 0.92%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.45%.

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.