Parker-Hannifin (NYSE:PH) Price Target Raised to $550.00

Parker-Hannifin (NYSE:PH) had its price target hoisted by Mizuho from $490.00 to $550.00 in a research report released on Friday, Benzinga reports. Mizuho currently has a neutral rating on the industrial products company’s stock.

PH has been the topic of a number of other reports. TD Cowen raised Parker-Hannifin from an underperform rating to a market perform rating and lifted their price objective for the company from $300.00 to $500.00 in a research report on Friday, March 1st. Barclays lifted their price target on shares of Parker-Hannifin from $558.00 to $625.00 and gave the company an overweight rating in a report on Tuesday, April 2nd. Stifel Nicolaus increased their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a buy rating in a research note on Wednesday, April 3rd. Evercore ISI lifted their target price on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. Finally, Truist Financial assumed coverage on Parker-Hannifin in a research note on Thursday, March 14th. They issued a buy rating and a $602.00 price target for the company. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $539.56.

Parker-Hannifin Stock Performance

PH stock traded up $14.61 during midday trading on Friday, reaching $550.79. 604,637 shares of the company’s stock traded hands, compared to its average volume of 603,099. The stock’s 50-day moving average is $544.96 and its 200 day moving average is $483.92. The stock has a market cap of $70.73 billion, a P/E ratio of 25.91, a PEG ratio of 1.94 and a beta of 1.51. Parker-Hannifin has a 52-week low of $319.14 and a 52-week high of $570.15. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping the consensus estimate of $6.10 by $0.41. The firm had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. Parker-Hannifin’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $5.93 EPS. As a group, analysts anticipate that Parker-Hannifin will post 24.62 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be paid a dividend of $1.63 per share. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a yield of 1.18%. Parker-Hannifin’s dividend payout ratio is presently 27.90%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. OFI Invest Asset Management purchased a new position in Parker-Hannifin during the third quarter worth $25,000. Sachetta LLC bought a new position in Parker-Hannifin during the 4th quarter valued at about $25,000. Wetzel Investment Advisors Inc. purchased a new stake in Parker-Hannifin in the 4th quarter worth about $26,000. Baystate Wealth Management LLC raised its position in Parker-Hannifin by 233.3% in the 3rd quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 49 shares during the period. Finally, First United Bank & Trust bought a new stake in Parker-Hannifin in the fourth quarter worth about $29,000. Institutional investors 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.