Parker-Hannifin (NYSE:PH) Receives New Coverage from Analysts at Bank of America

Bank of America initiated coverage on shares of Parker-Hannifin (NYSE:PHGet Rating) in a research note issued to investors on Tuesday, The Fly reports. The firm issued a neutral rating on the industrial products company’s stock.

PH has been the topic of several other reports. Mizuho increased their price target on shares of Parker-Hannifin from $245.00 to $300.00 and gave the company a neutral rating in a research report on Friday, August 5th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Parker-Hannifin from $336.00 to $274.00 and set a hold rating on the stock in a research report on Wednesday, July 13th. StockNews.com upgraded shares of Parker-Hannifin from a hold rating to a buy rating in a research report on Saturday, August 13th. Wells Fargo & Company lowered their price target on shares of Parker-Hannifin from $301.00 to $289.00 in a research report on Tuesday, July 12th. Finally, The Goldman Sachs Group decreased their target price on shares of Parker-Hannifin from $346.00 to $287.00 and set a buy rating on the stock in a research report on Thursday, June 23rd. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $333.00.

Parker-Hannifin Trading Down 2.3 %

Shares of PH opened at $258.96 on Tuesday. The company has a current ratio of 2.06, a quick ratio of 1.68 and a debt-to-equity ratio of 1.10. The firm’s 50-day moving average is $277.45 and its two-hundred day moving average is $272.28. Parker-Hannifin has a twelve month low of $230.44 and a twelve month high of $340.00. The firm has a market capitalization of $33.25 billion, a P/E ratio of 25.69, a PEG ratio of 1.58 and a beta of 1.57.

Parker-Hannifin (NYSE:PHGet Rating) last issued its earnings results on Thursday, August 4th. The industrial products company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.49. Parker-Hannifin had a net margin of 8.29% and a return on equity of 27.81%. The company had revenue of $4.19 billion for the quarter, compared to analyst estimates of $4.07 billion. During the same period in the prior year, the business posted $4.38 earnings per share. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. On average, research analysts predict that Parker-Hannifin will post 18.34 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Monday, August 29th were paid a dividend of $1.33 per share. This represents a $5.32 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Friday, August 26th. Parker-Hannifin’s dividend payout ratio is currently 52.78%.

Insiders Place Their Bets

In other news, VP Andrew D. Ross sold 3,224 shares of the firm’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $296.30, for a total value of $955,271.20. Following the transaction, the vice president now owns 9,840 shares of the company’s stock, valued at approximately $2,915,592. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Parker-Hannifin

Hedge funds have recently made changes to their positions in the business. Prospera Financial Services Inc purchased a new stake in Parker-Hannifin during the 1st quarter worth $223,000. Mendel Capital Management LLC purchased a new stake in Parker-Hannifin during the 4th quarter worth $359,000. Meeder Asset Management Inc. increased its stake in Parker-Hannifin by 9.2% during the 1st quarter. Meeder Asset Management Inc. now owns 2,741 shares of the industrial products company’s stock worth $778,000 after buying an additional 232 shares during the period. State of Tennessee Treasury Department increased its stake in Parker-Hannifin by 20.9% during the 1st quarter. State of Tennessee Treasury Department now owns 161,132 shares of the industrial products company’s stock worth $45,723,000 after buying an additional 27,901 shares during the period. Finally, MCF Advisors LLC acquired a new position in Parker-Hannifin during the 1st quarter worth $35,000. Hedge funds and other institutional investors own 82.65% of the company’s stock.

About Parker-Hannifin

(Get Rating)

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 monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; control solutions for extreme corrosion resistance, temperatures, pressures, and precise flow; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.

Featured Stories

The Fly logo

Analyst Recommendations for Parker-Hannifin (NYSE:PH)

Receive News & Ratings for Parker-Hannifin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parker-Hannifin and related companies with MarketBeat.com's FREE daily email newsletter.