Argus Boosts Parker-Hannifin (NYSE:PH) Price Target to $590.00

Parker-Hannifin (NYSE:PH) had its price objective increased by Argus from $550.00 to $590.00 in a report issued on Monday, Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

PH has been the subject of a number of other research reports. Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a buy rating in a research report on Wednesday, April 3rd. Evercore ISI raised their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the stock an outperform rating in a research report on Tuesday, February 20th. TD Cowen upgraded Parker-Hannifin from an underperform rating to a market perform rating and boosted their price objective for the company from $300.00 to $500.00 in a research report on Friday, March 1st. Mizuho raised their target price on Parker-Hannifin from $490.00 to $550.00 and gave the stock a neutral rating in a research report on Friday, May 3rd. Finally, Truist Financial boosted their price target on shares of Parker-Hannifin from $602.00 to $611.00 and gave the company a buy rating in a report on Friday, May 3rd. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $539.56.

Parker-Hannifin Price Performance

Shares of PH opened at $554.67 on Monday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. The firm has a market cap of $71.30 billion, a PE ratio of 26.14, a PEG ratio of 1.94 and a beta of 1.51. Parker-Hannifin has a twelve month low of $319.14 and a twelve month high of $570.15. The firm’s 50 day moving average price is $545.73 and its 200 day moving average price is $486.41.

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

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be issued a $1.63 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend is Thursday, May 9th. Parker-Hannifin’s payout ratio is presently 30.73%.

Insider Activity at Parker-Hannifin

In other news, VP Jay Reidy sold 572 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the sale, the vice president now owns 1,137 shares in the company, valued at $609,989.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the transaction, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the sale, the vice president now directly owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Several hedge funds have recently added to or reduced their stakes in the company. Harbor Investment Advisory LLC raised its position 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 during the last quarter. Sachetta LLC bought a new stake in Parker-Hannifin in the fourth quarter valued at about $25,000. Northwest Investment Counselors LLC bought a new position in Parker-Hannifin during the first quarter worth about $31,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Parker-Hannifin during the 4th quarter worth about $26,000. Finally, First United Bank & Trust acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $29,000. Institutional investors 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.