Wells Fargo & Company Boosts Parker-Hannifin (NYSE:PH) Price Target to $341.00

Parker-Hannifin (NYSE:PHGet Rating) had its price objective lifted by equities researchers at Wells Fargo & Company from $335.00 to $341.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 11.69% from the stock’s current price.

PH has been the topic of several other reports. Mizuho boosted their price objective on shares of Parker-Hannifin from $300.00 to $310.00 and gave the company a “neutral” rating in a research report on Friday, January 13th. Stifel Nicolaus cut their price objective on shares of Parker-Hannifin from $325.00 to $280.00 in a research report on Tuesday, October 11th. Morgan Stanley assumed coverage on shares of Parker-Hannifin in a research report on Friday, January 6th. They issued an “equal weight” rating and a $311.00 price objective on the stock. TheStreet raised shares of Parker-Hannifin from a “c+” rating to a “b” rating in a research report on Thursday, November 3rd. Finally, Citigroup boosted their price objective on shares of Parker-Hannifin to $320.00 in a research report on Thursday, November 17th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $327.09.

Parker-Hannifin Price Performance

Shares of PH stock opened at $305.32 on Thursday. Parker-Hannifin has a 12-month low of $230.44 and a 12-month high of $340.00. The firm has a market capitalization of $39.20 billion, a price-to-earnings ratio of 31.77, a price-to-earnings-growth ratio of 1.41 and a beta of 1.52. The company has a quick ratio of 0.73, a current ratio of 1.30 and a debt-to-equity ratio of 1.40. The firm has a fifty day moving average of $299.38 and a 200-day moving average of $281.66.

Parker-Hannifin (NYSE:PHGet Rating) last announced its quarterly earnings results on Thursday, November 3rd. The industrial products company reported $4.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.15 by $0.59. Parker-Hannifin had a net margin of 7.67% and a return on equity of 28.26%. The company had revenue of $4.23 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same quarter in the previous year, the business earned $4.26 EPS. The firm’s revenue was up 12.4% on a year-over-year basis. On average, equities research analysts forecast that Parker-Hannifin will post 19.11 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Transamerica Financial Advisors Inc. grew its position in shares of Parker-Hannifin by 8.9% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 417 shares of the industrial products company’s stock worth $101,000 after purchasing an additional 34 shares in the last quarter. Stephens Inc. AR grew its position in shares of Parker-Hannifin by 1.4% during the 3rd quarter. Stephens Inc. AR now owns 2,559 shares of the industrial products company’s stock worth $620,000 after purchasing an additional 35 shares in the last quarter. Brighton Jones LLC grew its position in shares of Parker-Hannifin by 2.0% during the 2nd quarter. Brighton Jones LLC now owns 1,921 shares of the industrial products company’s stock worth $473,000 after purchasing an additional 37 shares in the last quarter. Checchi Capital Advisers LLC grew its position in shares of Parker-Hannifin by 2.8% during the 3rd quarter. Checchi Capital Advisers LLC now owns 1,380 shares of the industrial products company’s stock worth $334,000 after purchasing an additional 37 shares in the last quarter. Finally, Jarislowsky Fraser Ltd grew its position in shares of Parker-Hannifin by 0.7% during the 3rd quarter. Jarislowsky Fraser Ltd now owns 5,873 shares of the industrial products company’s stock worth $1,423,000 after purchasing an additional 38 shares in the last quarter. Institutional investors and hedge funds own 81.32% of the company’s stock.

About Parker-Hannifin

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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.

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