Wells Fargo & Company Increases Parker-Hannifin (NYSE:PH) Price Target to $640.00

Parker-Hannifin (NYSE:PH) had its price target raised by Wells Fargo & Company from $600.00 to $640.00 in a research report sent to investors on Friday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the industrial products company’s stock.

PH has been the topic of several other reports. Stifel Nicolaus lowered their price target on shares of Parker-Hannifin from $629.00 to $613.00 and set a buy rating on the stock in a research report on Thursday, July 18th. Raymond James assumed coverage on shares of Parker-Hannifin in a research report on Friday, June 28th. They set an outperform rating and a $610.00 target price on the stock. Mizuho upgraded shares of Parker-Hannifin from a neutral rating to a buy rating and raised their target price for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Barclays decreased their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an overweight rating on the stock in a research report on Tuesday, June 4th. Finally, Argus raised their target price on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a buy rating in a research report on Monday, May 6th. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Parker-Hannifin currently has a consensus rating of Moderate Buy and a consensus price target of $615.43.

Parker-Hannifin Price Performance

Shares of PH stock traded up $1.73 during trading hours on Friday, hitting $569.81. The company’s stock had a trading volume of 920,574 shares, compared to its average volume of 735,999. The business has a fifty day moving average of $525.78 and a 200-day moving average of $531.56. The stock has a market cap of $73.24 billion, a price-to-earnings ratio of 26.85, a P/E/G ratio of 1.98 and a beta of 1.44. Parker-Hannifin has a twelve month low of $362.49 and a twelve month high of $576.54. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating the consensus estimate of $6.22 by $0.55. The business had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the business earned $6.08 earnings per share. As a group, equities research analysts anticipate that Parker-Hannifin will post 24.85 EPS for the current year.

Institutional Trading of Parker-Hannifin

Several institutional investors have recently made changes to their positions in the stock. Sachetta LLC acquired a new position in shares of Parker-Hannifin during the 4th quarter valued at $25,000. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin during the 2nd quarter valued at $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Parker-Hannifin during the 4th quarter valued at $26,000. First United Bank & Trust acquired a new position in shares of Parker-Hannifin during the 4th quarter valued at $29,000. Finally, Harbor Investment Advisory LLC lifted its holdings in shares of Parker-Hannifin by 60.6% during the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 20 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

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.