Parker-Hannifin (NYSE:PH) Rating Increased to Outperform at Wolfe Research

Parker-Hannifin (NYSE:PH) was upgraded by analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report released on Thursday, MarketBeat reports. The firm presently has a $786.00 price objective on the industrial products company’s stock. Wolfe Research’s price target would indicate a potential upside of 16.98% from the company’s current price.

Several other research firms have also recently commented on PH. Robert W. Baird increased their price target on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. TD Cowen increased their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. UBS Group began coverage on Parker-Hannifin in a research note on Wednesday, November 13th. They issued a “buy” rating and a $842.00 target price for the company. Evercore ISI upped their price target on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Finally, Truist Financial lifted their price objective on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Two analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus price target of $709.65.

Parker-Hannifin Trading Down 1.6 %

Shares of PH opened at $671.90 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The company has a market cap of $86.49 billion, a price-to-earnings ratio of 30.35, a PEG ratio of 2.77 and a beta of 1.43. The stock has a fifty day moving average price of $668.62 and a two-hundred day moving average price of $595.71. Parker-Hannifin has a 52-week low of $440.00 and a 52-week high of $712.42.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the previous year, the business posted $5.96 earnings per share. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. Analysts predict that Parker-Hannifin will post 26.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Parker-Hannifin news, CEO Jennifer A. Parmentier sold 4,906 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the sale, the chief executive officer now directly owns 33,607 shares in the company, valued at approximately $23,682,516.83. This trade represents a 12.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Andrew D. Ross sold 4,864 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the completion of the transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have 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 hedge funds and other institutional investors have recently made changes to their positions in the stock. West Branch Capital LLC bought a new position in Parker-Hannifin during the 3rd quarter worth about $25,000. Bangor Savings Bank boosted its position 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 during the period. Addison Advisors LLC bought a new position in shares of Parker-Hannifin during the second quarter worth about $25,000. Prestige Wealth Management Group LLC raised its position in Parker-Hannifin by 83.3% in the 3rd 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. Finally, Northwest Investment Counselors LLC bought a new stake in Parker-Hannifin in the 3rd quarter valued at approximately $39,000. 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.