Parker-Hannifin (NYSE:PH) Now Covered by Raymond James

Raymond James began coverage on shares of Parker-Hannifin (NYSE:PH) in a report issued on Friday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $610.00 target price on the industrial products company’s stock.

A number of other equities analysts have also issued reports on PH. Stifel Nicolaus raised their target price on Parker-Hannifin from $588.00 to $629.00 and gave the stock a buy rating in a research note on Wednesday, April 3rd. Truist Financial reissued a buy rating and set a $611.00 target price on shares of Parker-Hannifin in a report on Wednesday, May 15th. Mizuho upgraded Parker-Hannifin from a neutral rating to a buy rating and upped their target price for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. KeyCorp lifted their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Finally, Bank of America upped their target price on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a buy rating in a research report on Friday, May 17th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Parker-Hannifin presently has a consensus rating of Moderate Buy and an average price target of $569.06.

Parker-Hannifin Price Performance

Shares of PH stock opened at $501.01 on Friday. The company’s 50-day simple moving average is $531.05 and its two-hundred day simple moving average is $516.21. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. Parker-Hannifin has a one year low of $362.49 and a one year high of $570.15. The company has a market capitalization of $64.40 billion, a P/E ratio of 23.61, a P/E/G ratio of 2.09 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping the consensus estimate of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The firm had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter in the prior year, the company earned $5.93 EPS. The company’s revenue was up .3% compared to the same quarter last year. As a group, equities analysts anticipate that Parker-Hannifin will post 24.85 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were paid a dividend of $1.63 per share. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date was Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.30%. Parker-Hannifin’s dividend payout ratio is 30.73%.

Insider Activity

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the transaction, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the transaction, the vice president now owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

A number of institutional investors have recently modified their holdings of PH. Sapient Capital LLC acquired a new position in Parker-Hannifin in the fourth quarter valued at $1,392,000. abrdn plc boosted its holdings in Parker-Hannifin by 57.8% in the fourth quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock worth $25,247,000 after purchasing an additional 20,073 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $4,068,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $3,305,000. Finally, Independent Advisor Alliance increased its position in Parker-Hannifin by 8.3% in the fourth quarter. Independent Advisor Alliance now owns 16,234 shares of the industrial products company’s stock worth $7,479,000 after buying an additional 1,243 shares during the period. Institutional investors and hedge funds 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.