Parker-Hannifin (NYSE:PH) PT Lowered to $630.00 at Wells Fargo & Company

Parker-Hannifin (NYSE:PH) had its price objective cut by Wells Fargo & Company from $640.00 to $630.00 in a research report report published on Monday morning, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Several other analysts have also recently weighed in on PH. TD Cowen raised shares of Parker-Hannifin from an underperform rating to a market perform rating and increased their price target for the company from $300.00 to $500.00 in a research note on Friday, March 1st. KeyCorp increased their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an overweight rating in a research note on Thursday, April 11th. Barclays dropped their price target on shares of Parker-Hannifin from $625.00 to $618.00 and set an overweight rating for the company in a research note on Friday, May 3rd. Evercore ISI increased their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. Finally, Mizuho increased their price target on shares of Parker-Hannifin from $490.00 to $550.00 and gave the company a neutral rating in a research note on Friday, May 3rd. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $539.56.

Parker-Hannifin Stock Performance

NYSE PH opened at $554.67 on Monday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The stock’s 50 day simple moving average is $545.73 and its 200-day simple moving average is $486.41. The company has a market cap of $71.30 billion, a PE ratio of 26.14, a price-to-earnings-growth ratio of 1.94 and a beta of 1.51. Parker-Hannifin has a 1-year low of $319.14 and a 1-year high of $570.15.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 13.95% and a return on equity of 29.40%. During the same period in the prior year, the business earned $5.93 earnings per share. The company’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities research analysts anticipate that Parker-Hannifin will post 24.62 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.18%. The ex-dividend date is Thursday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s payout ratio is 30.73%.

Insider Activity at Parker-Hannifin

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

Institutional Investors Weigh In On Parker-Hannifin

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fidelis Capital Partners LLC raised its holdings in Parker-Hannifin by 2.3% in the 1st quarter. Fidelis Capital Partners LLC now owns 851 shares of the industrial products company’s stock valued at $473,000 after acquiring an additional 19 shares during the last quarter. Harbor Investment Advisory LLC raised its holdings in Parker-Hannifin by 60.6% in 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. GoalVest Advisory LLC raised its holdings in Parker-Hannifin by 40.0% in the 1st quarter. GoalVest Advisory LLC now owns 70 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 20 shares during the last quarter. Essex Financial Services Inc. raised its holdings in Parker-Hannifin by 4.3% in the 1st quarter. Essex Financial Services Inc. now owns 539 shares of the industrial products company’s stock valued at $300,000 after acquiring an additional 22 shares during the last quarter. Finally, Beaumont Asset Management L.L.C. increased its holdings in shares of Parker-Hannifin by 0.8% during the 4th quarter. Beaumont Asset Management L.L.C. now owns 3,071 shares of the industrial products company’s stock worth $1,415,000 after buying an additional 24 shares during the last quarter. Hedge funds and other 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.