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

Parker-Hannifin (NYSE:PH) had its price target lifted by investment analysts at TD Cowen from $520.00 to $575.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the industrial products company’s stock. TD Cowen’s price objective would indicate a potential downside of 17.90% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. KeyCorp increased their price target on Parker-Hannifin from $640.00 to $725.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Robert W. Baird raised their price target on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Wells Fargo & Company boosted their price target on Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Truist Financial increased 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. Finally, Stifel Nicolaus boosted their target price on shares of Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $677.07.

Parker-Hannifin Stock Performance

PH stock traded down $7.78 during trading hours on Tuesday, hitting $700.37. 159,831 shares of the stock were exchanged, compared to its average volume of 644,851. Parker-Hannifin has a 12 month low of $415.97 and a 12 month high of $711.60. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $90.15 billion, a P/E ratio of 31.63, a P/E/G ratio of 2.80 and a beta of 1.43. The company has a 50-day simple moving average of $626.13 and a two-hundred day simple moving average of $571.11.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, beating the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. Parker-Hannifin’s revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $5.96 earnings per share. On average, analysts forecast that Parker-Hannifin will post 26.79 earnings per share for the current fiscal year.

Insider Transactions at Parker-Hannifin

In related news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, COO Andrew D. Ross sold 4,864 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the transaction, the chief operating officer now owns 13,120 shares in the company, valued at $9,263,244.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,678 shares of company stock worth $13,840,428. Company insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PH. Nwam LLC bought a new stake in Parker-Hannifin in the third quarter worth approximately $1,009,000. Meridian Wealth Management LLC bought a new stake in shares of Parker-Hannifin in the 3rd quarter valued at $1,501,000. Icon Wealth Advisors LLC increased its stake in shares of Parker-Hannifin by 205.2% in the 3rd quarter. Icon Wealth Advisors LLC now owns 995 shares of the industrial products company’s stock valued at $629,000 after acquiring an additional 669 shares in the last quarter. CFS Investment Advisory Services LLC lifted its position in shares of Parker-Hannifin by 3.4% during the 3rd quarter. CFS Investment Advisory Services LLC now owns 583 shares of the industrial products company’s stock valued at $368,000 after acquiring an additional 19 shares during the period. Finally, Raymond James Trust N.A. boosted its stake in Parker-Hannifin by 0.6% during the third quarter. Raymond James Trust N.A. now owns 6,096 shares of the industrial products company’s stock worth $3,852,000 after acquiring an additional 36 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

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.