KeyCorp Forecasts Strong Price Appreciation for Parker-Hannifin (NYSE:PH) Stock

Parker-Hannifin (NYSE:PH) had its target price raised by stock analysts at KeyCorp from $725.00 to $775.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price target would indicate a potential upside of 12.25% from the company’s previous close.

A number of other equities analysts have also recently weighed in on PH. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Robert W. Baird upped their target price on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Evercore ISI increased their target price on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Raymond James boosted their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Finally, TD Cowen increased their price objective on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $691.40.

Parker-Hannifin Stock Up 0.1 %

Shares of PH stock opened at $690.43 on Thursday. Parker-Hannifin has a fifty-two week low of $426.49 and a fifty-two week high of $711.60. The firm has a market capitalization of $88.87 billion, a PE ratio of 31.18, a P/E/G ratio of 2.78 and a beta of 1.43. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The stock’s 50-day simple moving average is $642.71 and its 200-day simple moving average is $578.38.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping the consensus estimate of $6.14 by $0.06. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the firm earned $5.96 EPS. Equities analysts expect that Parker-Hannifin will post 26.77 earnings per share for the current year.

Insider Activity at Parker-Hannifin

In other news, VP Thomas C. Gentile sold 2,430 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total value of $1,703,818.80. Following the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at approximately $3,831,839.40. The trade was a 30.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. This trade represents a 20.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,927 shares of company stock valued at $12,807,811 in the last three months. 0.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Parker-Hannifin

A number of institutional investors and hedge funds have recently modified their holdings of PH. Acadian Asset Management LLC raised its holdings in shares of Parker-Hannifin by 458.1% in the first quarter. Acadian Asset Management LLC now owns 3,354 shares of the industrial products company’s stock worth $1,862,000 after acquiring an additional 2,753 shares during the last quarter. Edgestream Partners L.P. increased its position in Parker-Hannifin by 40.9% during the 1st quarter. Edgestream Partners L.P. now owns 981 shares of the industrial products company’s stock worth $545,000 after purchasing an additional 285 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in Parker-Hannifin by 32.4% in the 1st quarter. Clearbridge Investments LLC now owns 2,650 shares of the industrial products company’s stock valued at $1,473,000 after purchasing an additional 649 shares in the last quarter. Crewe Advisors LLC acquired a new stake in shares of Parker-Hannifin during the 1st quarter worth about $38,000. Finally, CreativeOne Wealth LLC purchased a new stake in shares of Parker-Hannifin during the first quarter worth about $342,000. Institutional investors and hedge funds 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.