Truist Financial Raises Parker-Hannifin (NYSE:PH) Price Target to $621.00

Parker-Hannifin (NYSE:PH) had its target price upped by Truist Financial from $611.00 to $621.00 in a research note published on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

Several other equities analysts have also recently issued reports on the company. Bank of America boosted their target price on Parker-Hannifin from $600.00 to $650.00 and gave the stock a buy rating in a research report on Friday, May 17th. Stifel Nicolaus upped their price target on Parker-Hannifin from $588.00 to $629.00 and gave the stock a buy rating in a report on Wednesday, April 3rd. Argus upped their price target on Parker-Hannifin from $550.00 to $590.00 and gave the stock a buy rating in a report on Monday, May 6th. Raymond James assumed coverage on Parker-Hannifin in a report on Friday, June 28th. They issued an outperform rating and a $610.00 price target on the stock. Finally, Mizuho upgraded Parker-Hannifin from a neutral rating to a buy rating and upped their price target for the stock from $550.00 to $650.00 in a report on Tuesday, May 28th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $569.69.

Parker-Hannifin Stock Performance

NYSE PH opened at $512.72 on Tuesday. 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 50 day moving average is $528.79 and its two-hundred day moving average is $516.89. Parker-Hannifin has a 12-month low of $362.49 and a 12-month high of $570.15. The stock has a market capitalization of $65.91 billion, a price-to-earnings ratio of 24.16, a PEG ratio of 1.98 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter in the previous year, the firm posted $5.93 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. Research analysts expect that Parker-Hannifin will post 24.85 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date was Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Insiders Place Their Bets

In other Parker-Hannifin 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 transaction, the vice president now owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The sale was disclosed in a filing with the SEC, which is available at 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 value of $306,872.28. Following the transaction, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 value of $592,209.15. Following the completion of 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.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Fidelis Capital Partners LLC increased its holdings in Parker-Hannifin by 2.3% in the 1st 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 in the last quarter. Harbor Investment Advisory LLC increased its holdings in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 20 shares in the last quarter. GoalVest Advisory LLC increased its holdings in Parker-Hannifin by 40.0% in the 1st quarter. GoalVest Advisory LLC now owns 70 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 20 shares in the last quarter. American Trust increased its holdings in Parker-Hannifin by 3.2% in the 1st quarter. American Trust now owns 649 shares of the industrial products company’s stock valued at $361,000 after purchasing an additional 20 shares in the last quarter. Finally, Essex Financial Services Inc. increased its holdings in Parker-Hannifin by 4.3% in the 1st quarter. Essex Financial Services Inc. now owns 539 shares of the industrial products company’s stock valued at $300,000 after purchasing an additional 22 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

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.