Parker-Hannifin (NYSE:PH) Now Covered by Truist Financial

Truist Financial initiated coverage on shares of Parker-Hannifin (NYSE:PHFree Report) in a report released on Thursday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $602.00 price target on the industrial products company’s stock.

PH has been the subject of several other reports. Stifel Nicolaus restated a buy rating and set a $588.00 price target on shares of Parker-Hannifin in a report on Tuesday, March 5th. KeyCorp boosted their price target on shares of Parker-Hannifin from $500.00 to $575.00 and gave the company an overweight rating in a report on Friday, February 2nd. Evercore ISI increased their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the stock an outperform rating in a report on Tuesday, February 20th. Wells Fargo & Company boosted their target price on Parker-Hannifin from $450.00 to $510.00 and gave the company an overweight rating in a research note on Tuesday, December 19th. Finally, Wolfe Research reissued a peer perform rating on shares of Parker-Hannifin in a research note on Monday, December 11th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $504.56.

Get Our Latest Research Report on PH

Parker-Hannifin Stock Down 0.2 %

PH stock opened at $535.42 on Thursday. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.90 and a quick ratio of 0.49. The firm has a market capitalization of $68.75 billion, a P/E ratio of 26.51, a P/E/G ratio of 1.99 and a beta of 1.52. Parker-Hannifin has a 52-week low of $300.86 and a 52-week high of $544.99. The company’s 50 day simple moving average is $504.12 and its 200-day simple moving average is $446.38.

Parker-Hannifin (NYSE:PHGet Free Report) last released its earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The company had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the prior year, the company earned $4.76 earnings per share. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, equities research analysts anticipate that Parker-Hannifin will post 24.18 EPS for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were issued a dividend of $1.48 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $5.92 dividend on an annualized basis and a yield of 1.11%. Parker-Hannifin’s dividend payout ratio is 29.31%.

Insiders Place Their Bets

In other news, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now directly owns 5,465 shares in the company, valued at approximately $2,741,899.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Andrew D. Ross sold 3,904 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at approximately $6,693,299.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Thomas C. Gentile sold 2,978 shares of Parker-Hannifin stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $501.72, for a total value of $1,494,122.16. Following the completion of the sale, the vice president now directly owns 5,465 shares in the company, valued at approximately $2,741,899.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,079 shares of company stock valued at $6,099,566. 1.03% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Parker-Hannifin

A number of hedge funds and other institutional investors have recently bought and sold shares of PH. Baird Financial Group Inc. boosted its holdings in shares of Parker-Hannifin by 8.5% in the 2nd quarter. Baird Financial Group Inc. now owns 649,191 shares of the industrial products company’s stock valued at $253,211,000 after buying an additional 50,740 shares during the last quarter. Andra AP fonden raised its holdings in shares of Parker-Hannifin by 59.4% in the 2nd quarter. Andra AP fonden now owns 10,200 shares of the industrial products company’s stock valued at $3,978,000 after purchasing an additional 3,800 shares during the period. Comerica Bank lifted its stake in Parker-Hannifin by 182.9% in the 3rd quarter. Comerica Bank now owns 73,748 shares of the industrial products company’s stock valued at $28,726,000 after purchasing an additional 47,681 shares during the last quarter. US Bancorp DE grew its holdings in Parker-Hannifin by 4.7% during the third quarter. US Bancorp DE now owns 79,481 shares of the industrial products company’s stock worth $30,960,000 after purchasing an additional 3,604 shares during the period. Finally, Citigroup Inc. increased its position in Parker-Hannifin by 45.6% during the third quarter. Citigroup Inc. now owns 182,929 shares of the industrial products company’s stock worth $71,255,000 after buying an additional 57,295 shares during the last quarter. Institutional investors and hedge funds own 82.25% of the company’s stock.

About Parker-Hannifin

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Parker-Hannifin (NYSE:PH)

Receive News & Ratings for Parker-Hannifin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parker-Hannifin and related companies with MarketBeat.com's FREE daily email newsletter.