Parker-Hannifin (NYSE:PH) Price Target Cut to $618.00

Parker-Hannifin (NYSE:PH) had its price objective cut by equities research analysts at Barclays from $625.00 to $618.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Barclays‘s target price would indicate a potential upside of 15.26% from the stock’s previous close.

Several other research firms also recently commented on PH. Stifel Nicolaus increased their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Truist Financial assumed coverage on shares of Parker-Hannifin in a report on Thursday, March 14th. They issued a “buy” rating and a $602.00 target price on the stock. TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their price target for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Evercore ISI upped their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Finally, KeyCorp raised their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and an average price target of $523.94.

Parker-Hannifin Stock Up 1.0 %

Parker-Hannifin stock opened at $536.18 on Friday. The company has a fifty day simple moving average of $544.96 and a 200 day simple moving average of $482.63. The company has a current ratio of 0.87, a quick ratio of 0.49 and a debt-to-equity ratio of 0.63. Parker-Hannifin has a 1-year low of $319.14 and a 1-year high of $570.15. The company has a market cap of $68.85 billion, a P/E ratio of 25.27, a price-to-earnings-growth ratio of 1.93 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. During the same quarter in the previous year, the business earned $5.93 earnings per share. Parker-Hannifin’s quarterly revenue was up .3% on a year-over-year basis. Research analysts anticipate that Parker-Hannifin will post 24.62 earnings per share for the current fiscal year.

Institutional Trading of Parker-Hannifin

A number of institutional investors have recently bought and sold shares of PH. Norges Bank bought a new position in shares of Parker-Hannifin in the fourth quarter worth $665,188,000. Alphinity Investment Management Pty Ltd bought a new position in Parker-Hannifin in the 3rd quarter valued at about $310,208,000. FMR LLC raised its position in shares of Parker-Hannifin by 9.6% in the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock valued at $1,437,096,000 after buying an additional 324,063 shares in the last quarter. Kodai Capital Management LP acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at approximately $122,449,000. Finally, International Assets Investment Management LLC lifted its holdings in shares of Parker-Hannifin by 65,634.7% during the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after acquiring an additional 219,220 shares during the period. 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.