Truist Financial Has Lowered Expectations for Parker-Hannifin (NYSE:PH) Stock Price

Parker-Hannifin (NYSE:PH) had its price target decreased by equities research analysts at Truist Financial from $842.00 to $717.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s target price indicates a potential upside of 20.15% from the company’s previous close.

A number of other research firms have also weighed in on PH. UBS Group lowered their price target on shares of Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Barclays decreased their target price on shares of Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. KeyCorp decreased their target price on shares of Parker-Hannifin from $790.00 to $690.00 and set an “overweight” rating on the stock in a report on Tuesday. StockNews.com lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a report on Wednesday, March 19th. Finally, Evercore ISI boosted their target price on shares of Parker-Hannifin from $777.00 to $824.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus price target of $723.41.

Parker-Hannifin Stock Performance

PH opened at $596.76 on Tuesday. The firm has a market capitalization of $76.81 billion, a PE ratio of 24.70, a PEG ratio of 2.85 and a beta of 1.39. Parker-Hannifin has a twelve month low of $488.45 and a twelve month high of $718.44. The firm’s 50-day moving average price is $636.52 and its 200 day moving average price is $651.76. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. As a group, sell-side analysts expect that Parker-Hannifin will post 26.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Parker-Hannifin

Large investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. increased its stake in Parker-Hannifin by 39.2% during the 3rd quarter. Franklin Resources Inc. now owns 645,516 shares of the industrial products company’s stock worth $415,409,000 after buying an additional 181,859 shares during the period. Howard Capital Management Group LLC purchased a new stake in Parker-Hannifin during the 4th quarter worth approximately $23,390,000. SG Americas Securities LLC increased its stake in Parker-Hannifin by 752.5% during the 4th quarter. SG Americas Securities LLC now owns 24,381 shares of the industrial products company’s stock worth $15,507,000 after buying an additional 21,521 shares during the period. Columbus Macro LLC increased its stake in Parker-Hannifin by 485.2% during the 4th quarter. Columbus Macro LLC now owns 10,751 shares of the industrial products company’s stock worth $6,838,000 after buying an additional 8,914 shares during the period. Finally, Congress Asset Management Co. increased its position in shares of Parker-Hannifin by 15.5% in the 4th quarter. Congress Asset Management Co. now owns 190,701 shares of the industrial products company’s stock valued at $121,292,000 after purchasing an additional 25,605 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

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.