StockNews.com Upgrades Parker-Hannifin (NYSE:PH) to “Buy”

StockNews.com upgraded shares of Parker-Hannifin (NYSE:PH) from a hold rating to a buy rating in a report issued on Wednesday morning.

A number of other equities research analysts have also recently commented on the stock. Truist Financial reissued a buy rating and issued a $673.00 price objective (up from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Wells Fargo & Company increased 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. Barclays upped their target price on Parker-Hannifin from $650.00 to $703.00 and gave the company an overweight rating in a research note on Wednesday. Robert W. Baird raised their price target on Parker-Hannifin from $622.00 to $654.00 and gave the stock an outperform rating in a research report on Friday, August 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Parker-Hannifin from $595.00 to $645.00 and gave the stock a buy rating in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $636.64.

Parker-Hannifin Stock Up 0.7 %

PH stock opened at $630.68 on Wednesday. Parker-Hannifin has a 52 week low of $362.49 and a 52 week high of $639.87. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. The company has a market cap of $81.07 billion, a P/E ratio of 29.72, a P/E/G ratio of 2.57 and a beta of 1.43. The company’s 50-day moving average price is $586.92 and its 200 day moving average price is $554.16.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. The business had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.08 EPS. On average, research analysts expect that Parker-Hannifin will post 26.63 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Insiders Place Their Bets

In other news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the sale, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by insiders.

Institutional Trading of Parker-Hannifin

A number of institutional investors have recently added to or reduced their stakes in PH. Jones Financial Companies Lllp boosted its position in shares of Parker-Hannifin by 9.2% in the fourth quarter. Jones Financial Companies Lllp now owns 723 shares of the industrial products company’s stock worth $333,000 after buying an additional 61 shares during the period. Rafferty Asset Management LLC grew its position in Parker-Hannifin by 5.6% in the fourth quarter. Rafferty Asset Management LLC now owns 10,774 shares of the industrial products company’s stock valued at $4,964,000 after acquiring an additional 572 shares in the last quarter. Lake Street Advisors Group LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $604,000. Tower Research Capital LLC TRC lifted its position in shares of Parker-Hannifin by 136.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 17,291 shares of the industrial products company’s stock worth $7,966,000 after purchasing an additional 9,973 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in shares of Parker-Hannifin by 12.8% in the fourth quarter. Oppenheimer & Co. Inc. now owns 8,265 shares of the industrial products company’s stock valued at $3,808,000 after purchasing an additional 938 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

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.