Stifel Nicolaus Lowers Parker-Hannifin (NYSE:PH) Price Target to $613.00

Parker-Hannifin (NYSE:PH) had its price objective decreased by Stifel Nicolaus from $629.00 to $613.00 in a research report released on Thursday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the industrial products company’s stock.

PH has been the topic of a number of other reports. Argus lifted their target price on Parker-Hannifin from $550.00 to $590.00 and gave the stock a buy rating in a research report on Monday, May 6th. Barclays dropped their target price on Parker-Hannifin from $618.00 to $610.00 and set an overweight rating on the stock in a research report on Tuesday, June 4th. Mizuho raised Parker-Hannifin from a neutral rating to a buy rating and lifted their target price for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Raymond James assumed coverage on Parker-Hannifin in a research report on Friday, June 28th. They set an outperform rating and a $610.00 target price on the stock. Finally, Truist Financial boosted their price objective on Parker-Hannifin from $611.00 to $621.00 and gave the company a buy rating in a report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $576.27.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock opened at $544.65 on Thursday. Parker-Hannifin has a twelve month low of $362.49 and a twelve month high of $570.15. The stock has a market capitalization of $70.01 billion, a P/E ratio of 25.67, a PEG ratio of 2.08 and a beta of 1.44. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The business’s fifty day moving average price is $524.78 and its 200 day moving average price is $523.61.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. The firm had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the firm earned $5.93 earnings per share. As a group, research analysts anticipate that Parker-Hannifin will post 24.85 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were issued a $1.63 dividend. The ex-dividend date was Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.20%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

Insider Activity

In other news, VP Berend Bracht sold 1,079 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the sale, the vice president now owns 4,200 shares in the company, valued at $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Jay Reidy sold 572 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Berend Bracht sold 1,079 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the transaction, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Several hedge funds have recently bought and sold shares of PH. Fidelis Capital Partners LLC grew its position in shares of Parker-Hannifin by 2.3% in the first quarter. Fidelis Capital Partners LLC now owns 851 shares of the industrial products company’s stock valued at $473,000 after purchasing an additional 19 shares during the last quarter. Harbor Investment Advisory LLC grew its position in Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after buying an additional 20 shares in the last quarter. GoalVest Advisory LLC grew its position in Parker-Hannifin by 40.0% during the first quarter. GoalVest Advisory LLC now owns 70 shares of the industrial products company’s stock worth $39,000 after buying an additional 20 shares in the last quarter. American Trust grew its position in Parker-Hannifin by 3.2% during the first quarter. American Trust now owns 649 shares of the industrial products company’s stock worth $361,000 after buying an additional 20 shares in the last quarter. Finally, Essex Financial Services Inc. grew its position in Parker-Hannifin by 4.3% during the first quarter. Essex Financial Services Inc. now owns 539 shares of the industrial products company’s stock worth $300,000 after buying an additional 22 shares in the last quarter. 82.44% of the stock is 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.