Parker-Hannifin (NYSE:PH) Price Target Cut to $689.00 by Analysts at Stifel Nicolaus

Parker-Hannifin (NYSE:PH) had its price objective cut by Stifel Nicolaus from $691.00 to $689.00 in a report issued on Friday,Benzinga reports. The firm currently has a “hold” rating on the industrial products company’s stock. Stifel Nicolaus’ target price points to a potential upside of 1.65% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the company. Barclays increased their price objective on Parker-Hannifin from $703.00 to $800.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Robert W. Baird raised their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. StockNews.com raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Wells Fargo & Company dropped their price objective on Parker-Hannifin from $770.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, Mizuho increased their price target on shares of Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Two investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $722.81.

Parker-Hannifin Trading Down 0.3 %

Shares of Parker-Hannifin stock traded down $2.26 on Friday, hitting $677.83. The stock had a trading volume of 94,087 shares, compared to its average volume of 532,924. The firm has a market capitalization of $87.25 billion, a P/E ratio of 30.62, a PEG ratio of 2.76 and a beta of 1.45. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. Parker-Hannifin has a twelve month low of $463.16 and a twelve month high of $712.42. The stock has a 50 day moving average of $668.77 and a 200 day moving average of $623.13.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the prior year, the company earned $5.96 earnings per share. The company’s quarterly revenue was up 1.2% on a year-over-year basis. Sell-side analysts expect that Parker-Hannifin will post 26.73 earnings per share for the current fiscal year.

Insider Transactions at Parker-Hannifin

In related news, CEO Jennifer A. Parmentier sold 4,906 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total value of $3,457,209.14. Following the completion of the sale, the chief executive officer now directly owns 33,607 shares in the company, valued at $23,682,516.83. This trade represents a 12.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Thomas C. Gentile sold 2,430 shares of the firm’s 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 directly owns 5,465 shares of the company’s stock, valued at approximately $3,831,839.40. This represents a 30.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,077 shares of company stock valued at $12,303,829 in the last 90 days. Insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PH. West Branch Capital LLC purchased a new position in Parker-Hannifin during the third quarter valued at approximately $25,000. Bangor Savings Bank lifted its stake in shares of Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 31 shares during the period. Prestige Wealth Management Group LLC boosted its holdings in Parker-Hannifin by 83.3% during the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after buying an additional 25 shares in the last quarter. Bank of New Hampshire acquired a new stake in Parker-Hannifin during the fourth quarter valued at $35,000. Finally, Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin in the third quarter valued at $39,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

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.