Parker-Hannifin (NYSE:PH) Sets New 52-Week High – Time to Buy?

Shares of Parker-Hannifin Co. (NYSE:PH) reached a new 52-week high on Monday . The stock traded as high as $712.42 and last traded at $706.87, with a volume of 38250 shares trading hands. The stock had previously closed at $706.87.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PH shares. UBS Group assumed coverage on shares of Parker-Hannifin in a research report on Wednesday, November 13th. They set a “buy” rating and a $842.00 price objective on the stock. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Wells Fargo & Company upped their price target on Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Robert W. Baird lifted their price objective on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, KeyCorp upped their target price on shares of Parker-Hannifin from $725.00 to $775.00 and gave the stock an “overweight” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average price target of $691.40.

Parker-Hannifin Stock Down 0.3 %

The firm’s 50 day moving average is $647.32 and its 200-day moving average is $580.73. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The firm has a market cap of $90.67 billion, a PE ratio of 31.80, a P/E/G ratio of 2.85 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter last year, the firm posted $5.96 earnings per share. Parker-Hannifin’s revenue was up 1.2% on a year-over-year basis. As a group, equities research analysts expect that Parker-Hannifin Co. will post 26.77 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be issued a $1.63 dividend. The ex-dividend date is Friday, November 8th. This represents a $6.52 annualized dividend and a yield of 0.93%. Parker-Hannifin’s payout ratio is 29.45%.

Insider Buying and Selling

In related news, VP Thomas C. Gentile sold 2,430 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total value of $1,703,818.80. Following the completion of the sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at $3,831,839.40. The trade was a 30.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Andrew D. Ross sold 4,864 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at approximately $9,263,244.80. The trade was a 27.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,077 shares of company stock valued at $12,303,829. Company insiders own 0.39% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

A number of hedge funds have recently added to or reduced their stakes in the business. West Branch Capital LLC bought a new stake in Parker-Hannifin in the third quarter valued at $25,000. Bangor Savings Bank boosted its stake in Parker-Hannifin by 238.5% during the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 31 shares during the period. Addison Advisors LLC bought a new position in Parker-Hannifin in the 2nd quarter worth about $25,000. Prestige Wealth Management Group LLC increased its stake in shares of Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 25 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new position in Parker-Hannifin during the 3rd quarter worth $39,000. 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.