Argus Increases Parker-Hannifin (NYSE:PH) Price Target to $710.00

Parker-Hannifin (NYSE:PH) had its target price raised by research analysts at Argus from $650.00 to $710.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Argus’ target price suggests a potential upside of 9.24% from the company’s current price.

Several other equities analysts have also recently issued reports on the stock. TD Cowen boosted their price objective on shares of Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a research note on Wednesday, September 11th. Wells Fargo & Company lifted their price objective on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Barclays boosted their target price on Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Truist Financial boosted their target price on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Raymond James boosted their target price on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus target price of $673.14.

Parker-Hannifin Stock Up 1.9 %

NYSE:PH traded up $11.95 during mid-day trading on Tuesday, hitting $649.95. The stock had a trading volume of 288,867 shares, compared to its average volume of 637,896. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. Parker-Hannifin has a twelve month low of $399.19 and a twelve month high of $651.91. The stock has a 50-day simple moving average of $616.39 and a two-hundred day simple moving average of $565.93. The company has a market capitalization of $83.63 billion, a PE ratio of 29.36, a PEG ratio of 2.56 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last announced its 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 business 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 company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the firm posted $5.96 earnings per share. On average, equities research analysts anticipate that Parker-Hannifin will post 26.84 EPS for the current year.

Insider Transactions at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction that occurred on 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 owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PH. Norden Group LLC purchased a new position in shares of Parker-Hannifin during the 1st quarter worth $350,000. Private Advisor Group LLC increased its holdings in shares of Parker-Hannifin by 5.3% during the 1st quarter. Private Advisor Group LLC now owns 4,392 shares of the industrial products company’s stock worth $2,441,000 after buying an additional 220 shares during the last quarter. Rehmann Capital Advisory Group acquired a new stake in shares of Parker-Hannifin during the 1st quarter worth $325,000. Mediolanum International Funds Ltd acquired a new stake in shares of Parker-Hannifin during the 1st quarter worth $1,163,000. Finally, Catalina Capital Group LLC acquired a new stake in shares of Parker-Hannifin during the 1st quarter worth $341,000. Hedge funds and other institutional investors 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.