Parker-Hannifin (NYSE:PH) Upgraded at Wolfe Research

Wolfe Research upgraded shares of Parker-Hannifin (NYSE:PH) from a peer perform rating to an outperform rating in a report issued on Thursday morning, MarketBeat.com reports. The brokerage currently has $786.00 price target on the industrial products company’s stock.

A number of other equities research analysts also recently commented on PH. Wells Fargo & Company lifted their price target on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Barclays upped their price target on shares of Parker-Hannifin from $703.00 to $800.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Stifel Nicolaus lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price target on the stock. in a report on Monday, November 18th. TD Cowen upped their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Finally, Robert W. Baird lifted their target price on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $709.65.

Parker-Hannifin Trading Down 1.6 %

Shares of Parker-Hannifin stock opened at $671.82 on Thursday. Parker-Hannifin has a 1 year low of $440.00 and a 1 year high of $712.42. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. The business has a 50 day moving average price of $668.62 and a 200 day moving average price of $596.20. The company has a market capitalization of $86.48 billion, a P/E ratio of 30.34, a P/E/G ratio of 2.77 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. The company had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.96 earnings per share. Sell-side analysts anticipate that Parker-Hannifin will post 26.75 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend was Friday, November 8th. Parker-Hannifin’s dividend payout ratio is presently 29.45%.

Insider Buying and Selling at Parker-Hannifin

In related news, COO Andrew D. Ross sold 4,864 shares of Parker-Hannifin stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the completion of the transaction, the vice president now owns 15,350 shares of the company’s stock, valued at approximately $9,686,464. This trade represents a 27.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,077 shares of company stock worth $12,303,829 over the last ninety days. Company insiders own 0.39% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Several hedge funds and other institutional investors have recently made changes to their positions in PH. ORG Partners LLC bought a new position in shares of Parker-Hannifin in the second quarter worth $46,000. Silver Lake Advisory LLC bought a new position in Parker-Hannifin in the 2nd quarter valued at about $261,000. Miracle Mile Advisors LLC increased its stake in Parker-Hannifin by 432.7% during the 2nd quarter. Miracle Mile Advisors LLC now owns 3,777 shares of the industrial products company’s stock valued at $1,911,000 after buying an additional 3,068 shares during the period. Blue Trust Inc. raised its position in shares of Parker-Hannifin by 30.3% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the industrial products company’s stock worth $828,000 after buying an additional 347 shares in the last quarter. Finally, Brookstone Capital Management lifted its stake in shares of Parker-Hannifin by 8.2% in the 2nd quarter. Brookstone Capital Management now owns 4,544 shares of the industrial products company’s stock worth $2,535,000 after acquiring an additional 345 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

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.