Wells Fargo & Company Cuts Parker-Hannifin (NYSE:PH) Price Target to $710.00

Parker-Hannifin (NYSE:PH) had its price target cut by Wells Fargo & Company from $770.00 to $710.00 in a research note released on Tuesday,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Several other research analysts also recently commented on the stock. StockNews.com raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. TD Cowen upped their target price on shares of Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. UBS Group initiated coverage on shares of Parker-Hannifin in a research note on Wednesday, November 13th. They set a “buy” rating and a $842.00 price target for the company. Barclays increased their price objective on Parker-Hannifin from $703.00 to $800.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Finally, KeyCorp lifted their target price on Parker-Hannifin from $725.00 to $775.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $722.94.

Parker-Hannifin Trading Up 0.9 %

PH stock opened at $640.76 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. Parker-Hannifin has a twelve month low of $449.89 and a twelve month high of $712.42. The stock has a market capitalization of $82.48 billion, a price-to-earnings ratio of 28.94, a price-to-earnings-growth ratio of 2.71 and a beta of 1.45. The firm’s fifty day simple moving average is $673.38 and its two-hundred day simple moving average is $612.50.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. The firm had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. Parker-Hannifin’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company earned $5.96 EPS. As a group, analysts anticipate that Parker-Hannifin will post 26.75 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 8th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Friday, November 8th. Parker-Hannifin’s payout ratio is 29.45%.

Insider Transactions at Parker-Hannifin

In related news, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total value of $1,703,818.80. Following the completion of the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at $3,831,839.40. This trade represents a 30.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the sale, the chief executive officer now directly owns 33,607 shares in the company, valued at approximately $23,682,516.83. This represents a 12.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,077 shares of company stock valued at $12,303,829 in the last 90 days. Insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Legacy Private Trust Co. raised its stake in Parker-Hannifin by 21.1% in the 4th quarter. Legacy Private Trust Co. now owns 5,919 shares of the industrial products company’s stock worth $3,765,000 after acquiring an additional 1,033 shares during the last quarter. Fulton Bank N.A. purchased a new position in shares of Parker-Hannifin in the fourth quarter worth about $298,000. Sterneck Capital Management LLC lifted its holdings in shares of Parker-Hannifin by 34.2% during the fourth quarter. Sterneck Capital Management LLC now owns 502 shares of the industrial products company’s stock worth $319,000 after purchasing an additional 128 shares during the period. One Wealth Capital Management LLC purchased a new stake in Parker-Hannifin in the fourth quarter valued at approximately $398,000. Finally, Diversified Trust Co increased its holdings in Parker-Hannifin by 4.0% in the 4th quarter. Diversified Trust Co now owns 1,017 shares of the industrial products company’s stock worth $647,000 after buying an additional 39 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

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.