Parker-Hannifin (NYSE:PH) Price Target Raised to $775.00 at Wells Fargo & Company

Parker-Hannifin (NYSE:PH) had its target price increased by Wells Fargo & Company from $710.00 to $775.00 in a report published on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the industrial products company’s stock.

PH has been the topic of a number of other reports. Stifel Nicolaus decreased their target price on Parker-Hannifin from $691.00 to $689.00 and set a “hold” rating on the stock in a research report on Friday, January 24th. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Wolfe Research upgraded shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price target on the stock in a research note on Thursday, December 12th. Jefferies Financial Group boosted their price target 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. Finally, Truist Financial lifted their target price on shares of Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $725.06.

Parker-Hannifin Stock Performance

Shares of NYSE PH opened at $707.91 on Friday. Parker-Hannifin has a 12 month low of $463.16 and a 12 month high of $718.44. 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 has a market cap of $91.12 billion, a P/E ratio of 31.97, a P/E/G ratio of 2.73 and a beta of 1.45. The business’s 50 day moving average is $666.84 and its two-hundred day moving average is $629.60.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, beating the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. On average, equities analysts expect that Parker-Hannifin will post 26.73 EPS for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be given a $1.63 dividend. The ex-dividend date is Friday, February 7th. This represents a $6.52 annualized dividend and a yield of 0.92%. Parker-Hannifin’s payout ratio is 29.45%.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, CEO Jennifer A. Parmentier sold 4,906 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the transaction, the chief executive officer now owns 33,607 shares of the company’s stock, valued at approximately $23,682,516.83. This represents a 12.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Thomas C. Gentile sold 2,430 shares of Parker-Hannifin stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total value of $1,703,818.80. Following the completion of the sale, the vice president now directly owns 5,465 shares of the company’s stock, 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. Over the last quarter, insiders have sold 12,200 shares of company stock worth $8,595,207. Insiders own 0.39% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Hedge funds have recently added to or reduced their stakes in the company. West Branch Capital LLC acquired a new position in Parker-Hannifin during the 3rd quarter valued at about $25,000. Bangor Savings Bank lifted its holdings in Parker-Hannifin by 238.5% in the third 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. Prestige Wealth Management Group LLC boosted its stake in Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 25 shares during the last quarter. Bank of New Hampshire acquired a new stake in Parker-Hannifin during the 4th quarter worth $35,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Parker-Hannifin during the 3rd quarter valued at $39,000. 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.