Parker-Hannifin (NYSE:PH) Given New $575.00 Price Target at TD Cowen

Parker-Hannifin (NYSE:PH) had its price objective raised by TD Cowen from $520.00 to $575.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a hold rating on the industrial products company’s stock.

A number of other analysts also recently commented on PH. Mizuho upped their target price on Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Truist Financial raised their price objective on shares of Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Evercore ISI boosted their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Wells Fargo & Company raised their price target on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Finally, Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $633.00 to $691.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Two investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $688.07.

Parker-Hannifin Trading Down 1.2 %

Parker-Hannifin stock opened at $697.63 on Tuesday. Parker-Hannifin has a 52 week low of $425.20 and a 52 week high of $711.60. The stock has a 50-day moving average price of $631.19 and a 200 day moving average price of $573.08. 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 market capitalization of $89.80 billion, a price-to-earnings ratio of 31.51, a price-to-earnings-growth ratio of 2.85 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. The firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.96 earnings per share. Sell-side analysts anticipate that Parker-Hannifin will post 26.77 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced 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. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date is Friday, November 8th. Parker-Hannifin’s dividend payout ratio (DPR) is 29.45%.

Insider Transactions at Parker-Hannifin

In other news, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the completion of the sale, the chief operating officer now owns 13,120 shares in the company, valued at approximately $9,263,244.80. This represents a 27.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jennifer A. Parmentier sold 4,906 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total value of $3,457,209.14. Following the completion of the transaction, the chief executive officer now owns 33,607 shares in the company, valued at $23,682,516.83. This trade represents a 12.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,927 shares of company stock worth $12,807,811. Corporate insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Addison Advisors LLC purchased a new position in shares of Parker-Hannifin in the second quarter valued at $25,000. West Branch Capital LLC purchased a new position in shares of Parker-Hannifin during the 3rd quarter worth approximately $25,000. Bangor Savings Bank grew its holdings in Parker-Hannifin by 238.5% during the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after buying an additional 31 shares during the last quarter. Fortitude Family Office LLC lifted its position in shares of Parker-Hannifin by 346.7% in the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 52 shares in the last quarter. Finally, Crewe Advisors LLC purchased a new stake in Parker-Hannifin during the 1st quarter worth about $38,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

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.