Parker-Hannifin (NYSE:PH) Price Target Increased to $650.00 by Analysts at Bank of America

Parker-Hannifin (NYSE:PHFree Report) had its price objective boosted by Bank of America from $600.00 to $650.00 in a research note published on Friday, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

Other equities analysts have also recently issued reports about the company. Argus raised their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the company a buy rating in a research note on Monday, May 6th. Mizuho boosted their price target on shares of Parker-Hannifin from $490.00 to $550.00 and gave the stock a neutral rating in a report on Friday, May 3rd. Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a buy rating in a research report on Wednesday, April 3rd. Wells Fargo & Company dropped their target price on shares of Parker-Hannifin from $640.00 to $630.00 and set an overweight rating on the stock in a research report on Monday, May 6th. Finally, TD Cowen raised Parker-Hannifin from an underperform rating to a market perform rating and upped their target price for the company from $300.00 to $500.00 in a report on Friday, March 1st. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $560.20.

Get Our Latest Report on PH

Parker-Hannifin Trading Up 1.0 %

NYSE PH traded up $5.62 on Friday, hitting $545.11. The company’s stock had a trading volume of 823,330 shares, compared to its average volume of 668,616. The company has a quick ratio of 0.50, a current ratio of 0.87 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’s 50-day moving average is $548.52 and its 200 day moving average is $494.94. The firm has a market cap of $70.07 billion, a PE ratio of 25.69, a PEG ratio of 1.85 and a beta of 1.51.

Parker-Hannifin (NYSE:PHGet Free Report) last posted 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. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same period in the prior year, the firm posted $5.93 EPS. The company’s quarterly revenue was up .3% on a year-over-year basis. As a group, analysts predict that Parker-Hannifin will post 24.84 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be given a dividend of $1.63 per share. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend is Thursday, May 9th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Insider Buying and Selling

In related news, 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 value of $592,209.15. Following the completion of the transaction, the vice president now directly owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, 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 value of $592,209.15. Following the completion of the transaction, the vice president now directly owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 1,137 shares of the company’s stock, valued at $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is owned by insiders.

Institutional Trading of Parker-Hannifin

A number of hedge funds have recently made changes to their positions in PH. Panagora Asset Management Inc. lifted its holdings in shares of Parker-Hannifin by 18.5% during the 3rd quarter. Panagora Asset Management Inc. now owns 9,328 shares of the industrial products company’s stock worth $3,633,000 after acquiring an additional 1,456 shares during the last quarter. Allworth Financial LP lifted its stake in Parker-Hannifin by 31.5% in the third quarter. Allworth Financial LP now owns 405 shares of the industrial products company’s stock worth $158,000 after purchasing an additional 97 shares during the last quarter. Verus Capital Partners LLC bought a new stake in Parker-Hannifin in the third quarter worth $228,000. Daiwa Securities Group Inc. lifted its stake in Parker-Hannifin by 11.9% in the third quarter. Daiwa Securities Group Inc. now owns 20,898 shares of the industrial products company’s stock worth $8,140,000 after purchasing an additional 2,216 shares during the last quarter. Finally, Csenge Advisory Group lifted its stake in Parker-Hannifin by 15.1% in the third quarter. Csenge Advisory Group now owns 2,570 shares of the industrial products company’s stock worth $1,001,000 after purchasing an additional 337 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Parker-Hannifin (NYSE:PH)

Receive News & Ratings for Parker-Hannifin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parker-Hannifin and related companies with MarketBeat.com's FREE daily email newsletter.