KeyCorp Raises Parker-Hannifin (NYSE:PH) Price Target to $775.00

Parker-Hannifin (NYSE:PH) had its target price lifted by KeyCorp from $725.00 to $775.00 in a research note published on Thursday,Benzinga reports. KeyCorp currently has an overweight rating on the industrial products company’s stock.

Other equities analysts also recently issued reports about the company. Argus raised their price objective on Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. UBS Group began coverage on Parker-Hannifin in a research note on Wednesday, November 13th. They set a “buy” rating and a $842.00 price target on the stock. Raymond James lifted their price target on Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Robert W. Baird increased their price objective on shares of Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Truist Financial upped their price target on shares of Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $691.40.

Parker-Hannifin Stock Performance

Shares of PH stock traded up $1.00 during trading hours on Thursday, reaching $703.68. 62,377 shares of the company’s stock were exchanged, compared to its average volume of 639,637. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. Parker-Hannifin has a 1 year low of $426.49 and a 1 year high of $711.60. The company has a market cap of $90.58 billion, a P/E ratio of 31.74, a price-to-earnings-growth ratio of 2.78 and a beta of 1.43. The company’s 50 day moving average is $645.01 and its two-hundred day moving average is $579.25.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping the consensus estimate of $6.14 by $0.06. The company 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 revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $5.96 EPS. Equities research analysts anticipate that Parker-Hannifin will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be paid a $1.63 dividend. The ex-dividend date is Friday, November 8th. This represents a $6.52 annualized dividend and a dividend yield of 0.93%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.45%.

Insider Activity at Parker-Hannifin

In related news, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $631.04, for a total value of $3,708,622.08. Following the sale, the vice president now directly owns 15,350 shares of the company’s stock, valued at $9,686,464. This represents a 27.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Thomas C. Gentile sold 2,430 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $3,831,839.40. This represents a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,927 shares of company stock valued at $12,807,811. Corporate insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

Institutional investors have recently modified their holdings of the stock. Addison Advisors LLC bought a new stake in Parker-Hannifin during the second quarter valued at $25,000. West Branch Capital LLC acquired a new stake in Parker-Hannifin during the third quarter worth about $25,000. Bangor Savings Bank lifted its holdings in Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 31 shares during the last quarter. Fortitude Family Office LLC boosted its stake in 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 during the period. Finally, Prestige Wealth Management Group LLC raised its position in shares of Parker-Hannifin by 83.3% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 25 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

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.