Parker-Hannifin (NYSE:PH) Price Target Raised to $621.00 at Truist Financial

Parker-Hannifin (NYSE:PH) had its target price lifted by Truist Financial from $611.00 to $621.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s target price would indicate a potential upside of 21.26% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and increased their price target for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Bank of America lifted their target price on Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Wells Fargo & Company dropped their price target on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Argus lifted their price objective on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, Barclays lowered their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average target price of $569.69.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $512.14 on Tuesday. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. Parker-Hannifin has a fifty-two week low of $362.49 and a fifty-two week high of $570.15. The business has a 50 day moving average price of $529.47 and a two-hundred day moving average price of $516.93. The firm has a market cap of $65.83 billion, a PE ratio of 24.18, a price-to-earnings-growth ratio of 2.09 and a beta of 1.44.

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

Insider Activity

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

Institutional Trading of Parker-Hannifin

Hedge funds and other institutional investors have recently modified their holdings of the company. Sachetta LLC acquired a new position in Parker-Hannifin during the fourth quarter worth about $25,000. Wetzel Investment Advisors Inc. bought a new position in shares of Parker-Hannifin during the 4th quarter valued at about $26,000. First United Bank & Trust acquired a new position in shares of Parker-Hannifin in the 4th quarter worth approximately $29,000. Harbor Investment Advisory LLC raised its holdings in shares of Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 20 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Parker-Hannifin during the fourth quarter valued at approximately $30,000. 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.