Truist Financial Raises Parker-Hannifin (NYSE:PH) Price Target to $788.00

Parker-Hannifin (NYSE:PH) had its target price upped by Truist Financial from $673.00 to $788.00 in a research note released on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

A number of other brokerages also recently weighed in on PH. Robert W. Baird lifted their target price on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an outperform rating in a research note on Friday, August 9th. Stifel Nicolaus boosted their price objective on Parker-Hannifin from $633.00 to $691.00 and gave the company a buy rating in a research note on Wednesday, October 2nd. Evercore ISI raised their target price on Parker-Hannifin from $620.00 to $656.00 and gave the stock an outperform rating in a research note on Monday, August 19th. Deutsche Bank Aktiengesellschaft boosted their price target on Parker-Hannifin from $595.00 to $645.00 and gave the company a buy rating in a research note on Friday, August 9th. Finally, Barclays raised their price objective on shares of Parker-Hannifin from $650.00 to $703.00 and gave the stock an overweight rating in a research report on Wednesday, October 2nd. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Parker-Hannifin presently has a consensus rating of Moderate Buy and a consensus price target of $649.86.

Parker-Hannifin Stock Performance

NYSE PH opened at $637.15 on Wednesday. The company has a market capitalization of $81.90 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 2.57 and a beta of 1.43. Parker-Hannifin has a twelve month low of $362.49 and a twelve month high of $640.00. The stock has a fifty day simple moving average of $595.82 and a 200 day simple moving average of $556.93. 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 (NYSE:PH) last issued its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same period last year, the company earned $6.08 earnings per share. The firm’s revenue was up 1.8% compared to the same quarter last year. Sell-side analysts expect that Parker-Hannifin will post 26.64 EPS for the current year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were issued a dividend of $1.63 per share. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a yield of 1.02%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

Insider Buying and Selling at Parker-Hannifin

In related news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the sale, the director now owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, VP Berend Bracht sold 850 shares of the business’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 sale, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares in the company, valued at $2,299,947. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

Institutional investors and hedge funds have recently modified their holdings of the company. TD Asset Management Inc lifted its stake in Parker-Hannifin by 152.1% in the 1st quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock worth $73,493,000 after purchasing an additional 79,774 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Parker-Hannifin by 8.5% during the first quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock valued at $12,761,000 after buying an additional 1,802 shares during the period. Concurrent Investment Advisors LLC grew its position in Parker-Hannifin by 261.4% during the first quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock worth $1,397,000 after buying an additional 1,819 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in Parker-Hannifin by 54.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 17,165 shares of the industrial products company’s stock worth $9,540,000 after acquiring an additional 6,029 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Parker-Hannifin by 16.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 42,523 shares of the industrial products company’s stock valued at $23,634,000 after acquiring an additional 6,013 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other 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.