Parker-Hannifin (NYSE:PH) Price Target Raised to $611.00

Parker-Hannifin (NYSE:PH) had its price objective increased by research analysts at Truist Financial from $602.00 to $611.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective points to a potential upside of 13.95% from the stock’s current price.

Several other analysts have also recently commented 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. Barclays decreased their price target on shares of Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating on the stock in a research note on Friday. Mizuho increased their price objective on shares of Parker-Hannifin from $490.00 to $550.00 and gave the company a “neutral” rating in a report on Friday. KeyCorp increased their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Finally, Stifel Nicolaus lifted 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. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average target price of $523.94.

Parker-Hannifin Stock Performance

Shares of PH traded up $5.50 during trading hours on Friday, reaching $536.18. 970,076 shares of the company traded hands, compared to its average volume of 606,289. The stock’s fifty day moving average is $544.86 and its 200 day moving average is $481.66. The stock has a market cap of $68.85 billion, a P/E ratio of 26.54, a price-to-earnings-growth ratio of 1.99 and a beta of 1.51. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.49 and a current ratio of 0.90. Parker-Hannifin has a 1-year low of $319.14 and a 1-year high of $570.15.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data 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 analyst estimates of $5.07 billion. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.93 earnings per share. Equities research analysts anticipate that Parker-Hannifin will post 24.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PH. Sapient Capital LLC purchased a new position in shares of Parker-Hannifin in the fourth quarter valued at $1,392,000. abrdn plc lifted its stake in Parker-Hannifin by 57.8% during the 4th quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock worth $25,247,000 after acquiring an additional 20,073 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in Parker-Hannifin in the 4th quarter valued at about $3,305,000. 17 Capital Partners LLC purchased a new position in Parker-Hannifin during the 4th quarter worth approximately $2,271,000. Finally, HMS Capital Management LLC purchased a new position in shares of Parker-Hannifin in the 4th quarter valued at approximately $1,225,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

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.