Parker-Hannifin (NYSE:PH) Given New $800.00 Price Target at Barclays

Parker-Hannifin (NYSE:PH) had its price objective raised by Barclays from $703.00 to $800.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

Several other equities research analysts also recently commented on the company. Evercore ISI raised their target price on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a report on Monday, August 19th. Robert W. Baird boosted their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Stifel Nicolaus lowered Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price target for the company. in a research report on Monday, November 18th. Raymond James upped their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Finally, Argus boosted their target price on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $697.87.

Parker-Hannifin Trading Down 0.2 %

Shares of Parker-Hannifin stock opened at $694.81 on Thursday. Parker-Hannifin has a 52-week low of $431.98 and a 52-week high of $712.42. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The company’s 50-day simple moving average is $662.19 and its 200-day simple moving average is $589.65. The firm has a market cap of $89.44 billion, a price-to-earnings ratio of 31.38, a price-to-earnings-growth ratio of 2.83 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last issued its 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 analyst estimates of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the business posted $5.96 earnings per share. As a group, equities research analysts anticipate that Parker-Hannifin will post 26.77 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.94%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.45%.

Insider Activity at Parker-Hannifin

In other news, VP Joseph R. Leonti sold 5,877 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $631.04, for a total value of $3,708,622.08. Following the sale, the vice president now owns 15,350 shares in the company, valued at $9,686,464. This represents a 27.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the sale, the vice president now directly owns 5,465 shares in the company, valued at $3,831,839.40. This trade represents a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,077 shares of company stock worth $12,303,829. Insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

Hedge funds and other institutional investors have recently bought and sold shares of the company. West Branch Capital LLC purchased a new position in Parker-Hannifin in the third quarter worth approximately $25,000. Bangor Savings Bank increased its stake in Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after buying an additional 31 shares during the period. Addison Advisors LLC acquired a new position in shares of Parker-Hannifin during the 2nd quarter worth $25,000. Prestige Wealth Management Group LLC grew its stake in shares of Parker-Hannifin by 83.3% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 25 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Parker-Hannifin in the 3rd quarter worth about $39,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

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.