Parker-Hannifin (NYSE:PH) Downgraded to “Hold” Rating by StockNews.com

StockNews.com cut shares of Parker-Hannifin (NYSE:PH) from a buy rating to a hold rating in a research note released on Wednesday.

Other analysts also recently issued reports about the company. Citigroup assumed coverage on Parker-Hannifin in a research report on Friday, February 7th. They issued a “buy” rating and a $795.00 target price for the company. Truist Financial lifted their price objective on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Jefferies Financial Group upped their price objective on shares of Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a report on Friday, December 6th. KeyCorp lifted their target price on shares of Parker-Hannifin from $775.00 to $790.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Barclays dropped their price target on shares of Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Three investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $736.65.

Parker-Hannifin Trading Up 2.2 %

Shares of Parker-Hannifin stock opened at $629.93 on Wednesday. The stock has a fifty day moving average price of $661.07 and a 200-day moving average price of $652.16. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59. The firm has a market cap of $81.08 billion, a PE ratio of 26.07, a P/E/G ratio of 2.85 and a beta of 1.50. Parker-Hannifin has a 1 year low of $492.71 and a 1 year high of $718.44.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, topping the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. Equities research analysts anticipate that Parker-Hannifin will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 7th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend was Friday, February 7th. Parker-Hannifin’s dividend payout ratio (DPR) is 26.99%.

Hedge Funds Weigh In On Parker-Hannifin

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. lifted its holdings in shares of Parker-Hannifin by 39.2% during the 3rd quarter. Franklin Resources Inc. now owns 645,516 shares of the industrial products company’s stock worth $415,409,000 after acquiring an additional 181,859 shares during the last quarter. Howard Capital Management Group LLC bought a new stake in Parker-Hannifin during the fourth quarter worth about $23,390,000. SG Americas Securities LLC boosted its holdings in shares of Parker-Hannifin by 752.5% in the 4th quarter. SG Americas Securities LLC now owns 24,381 shares of the industrial products company’s stock worth $15,507,000 after purchasing an additional 21,521 shares in the last quarter. Columbus Macro LLC increased its position in shares of Parker-Hannifin by 485.2% during the 4th quarter. Columbus Macro LLC now owns 10,751 shares of the industrial products company’s stock valued at $6,838,000 after purchasing an additional 8,914 shares during the last quarter. Finally, Congress Asset Management Co. raised its holdings in shares of Parker-Hannifin by 15.5% during the 4th quarter. Congress Asset Management Co. now owns 190,701 shares of the industrial products company’s stock valued at $121,292,000 after buying an additional 25,605 shares in the last quarter. Hedge funds and other 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.