Parker-Hannifin (NYSE:PH) Price Target Lowered to $710.00 at Wells Fargo & Company

Parker-Hannifin (NYSE:PH) had its price objective lowered by investment analysts at Wells Fargo & Company from $770.00 to $710.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 10.81% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Wolfe Research raised Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price target for the company in a report on Thursday, December 12th. StockNews.com raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 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 research report on Friday, December 6th. TD Cowen raised 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, 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 report on Thursday, December 19th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus price target of $722.94.

Parker-Hannifin Trading Up 0.9 %

Shares of NYSE:PH opened at $640.76 on Tuesday. Parker-Hannifin has a 52 week low of $449.89 and a 52 week high of $712.42. The company’s 50 day moving average is $673.26 and its two-hundred day moving average is $612.30. The company has a market cap of $82.48 billion, a PE ratio of 28.94, a P/E/G ratio of 2.71 and a beta of 1.45. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52.

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

Insider Activity

In other news, VP Thomas C. Gentile sold 2,430 shares of Parker-Hannifin stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the completion of the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at $3,831,839.40. The trade was a 30.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the transaction, the vice president now owns 15,350 shares of the company’s stock, valued at $9,686,464. This trade represents a 27.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,077 shares of company stock worth $12,303,829. Company insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

A number of large investors have recently bought and sold shares of PH. West Branch Capital LLC purchased a new stake in Parker-Hannifin during the 3rd quarter worth about $25,000. Bangor Savings Bank grew its holdings in shares of Parker-Hannifin by 238.5% during the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after buying an additional 31 shares in the last quarter. Prestige Wealth Management Group LLC raised its position in shares of 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 buying an additional 25 shares during the last quarter. Bank of New Hampshire purchased a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $35,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Parker-Hannifin during the third quarter worth approximately $39,000. Institutional investors and hedge funds 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.