Parker-Hannifin (NYSE:PH) Rating Reiterated by Stifel Nicolaus

Stifel Nicolaus reaffirmed their buy rating on shares of Parker-Hannifin (NYSE:PH) in a research report sent to investors on Tuesday morning, Benzinga reports. Stifel Nicolaus currently has a $629.00 price objective on the industrial products company’s stock.

A number of other analysts have also recently issued reports on PH. Bank of America increased their price objective on shares of Parker-Hannifin from $600.00 to $650.00 and gave the stock a buy rating in a research note on Friday, May 17th. Argus increased their target price on Parker-Hannifin from $550.00 to $590.00 and gave the stock a buy rating in a research report on Monday, May 6th. Wells Fargo & Company lowered their price target on Parker-Hannifin from $640.00 to $630.00 and set an overweight rating on the stock in a report on Monday, May 6th. Barclays dropped their price target on Parker-Hannifin from $618.00 to $610.00 and set an overweight rating for the company in a research note on Tuesday, June 4th. Finally, Raymond James initiated coverage on shares of Parker-Hannifin in a research report on Friday, June 28th. They set an outperform rating and a $610.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of Moderate Buy and a consensus price target of $569.69.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $512.72 on Tuesday. Parker-Hannifin has a twelve month low of $362.49 and a twelve month high of $570.15. The stock has a market capitalization of $65.91 billion, a PE ratio of 24.16, a price-to-earnings-growth ratio of 1.98 and a beta of 1.44. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The firm’s 50 day moving average price is $528.79 and its 200-day moving average price is $516.89.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping the consensus estimate of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same period in the prior year, the business posted $5.93 EPS. Parker-Hannifin’s revenue was up .3% on a year-over-year basis. Equities research analysts expect that Parker-Hannifin will post 24.85 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were given a dividend of $1.63 per share. The ex-dividend date was Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a yield of 1.27%. Parker-Hannifin’s dividend payout ratio is 30.73%.

Insider Transactions at Parker-Hannifin

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

Hedge Funds Weigh In On Parker-Hannifin

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sapient Capital LLC bought a new position in Parker-Hannifin in the fourth quarter worth approximately $1,392,000. abrdn plc lifted its stake in shares of Parker-Hannifin by 57.8% during the 4th 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 last quarter. Quadrature Capital Ltd bought a new stake in Parker-Hannifin during the fourth quarter valued at about $4,068,000. Turtle Creek Wealth Advisors LLC purchased a new position in Parker-Hannifin in the fourth quarter valued at about $3,305,000. Finally, Lockheed Martin Investment Management Co. raised its holdings in Parker-Hannifin by 18.1% in the fourth quarter. Lockheed Martin Investment Management Co. now owns 56,070 shares of the industrial products company’s stock worth $25,831,000 after purchasing an additional 8,600 shares in the last quarter. Institutional investors 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.