Citigroup Cuts Parker-Hannifin (NYSE:PH) Price Target to $665.00

Parker-Hannifin (NYSE:PH) had its target price trimmed by Citigroup from $795.00 to $665.00 in a research report report published on Monday, MarketBeat.com reports. The firm currently has a buy rating on the industrial products company’s stock.

A number of other research firms have also weighed in on PH. Truist Financial cut their target price on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. KeyCorp dropped their target price on Parker-Hannifin from $790.00 to $690.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Evercore ISI raised their price target on Parker-Hannifin from $777.00 to $824.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Barclays reduced their target price on shares of Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Finally, Wells Fargo & Company lifted their price target on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $705.35.

Parker-Hannifin Stock Down 1.5 %

Shares of PH stock opened at $559.84 on Monday. The stock has a market cap of $72.06 billion, a P/E ratio of 23.17, a PEG ratio of 2.85 and a beta of 1.39. The company’s fifty day simple moving average is $623.95 and its two-hundred day simple moving average is $649.38. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. Parker-Hannifin has a 52 week low of $488.45 and a 52 week high of $718.44.

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

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date of this dividend was Friday, February 7th. Parker-Hannifin’s dividend payout ratio (DPR) is 26.99%.

Institutional Investors Weigh In On Parker-Hannifin

Hedge funds have recently modified their holdings of the business. Anchor Investment Management LLC boosted its position in Parker-Hannifin by 10.5% during the 3rd quarter. Anchor Investment Management LLC now owns 317 shares of the industrial products company’s stock valued at $200,000 after acquiring an additional 30 shares in the last quarter. Stock Yards Bank & Trust Co. purchased a new position in Parker-Hannifin in the third quarter valued at about $217,000. World Investment Advisors LLC bought a new position in Parker-Hannifin in the third quarter worth about $584,000. Wilmington Savings Fund Society FSB lifted its position in shares of Parker-Hannifin by 176.8% during the third quarter. Wilmington Savings Fund Society FSB now owns 9,108 shares of the industrial products company’s stock valued at $5,755,000 after buying an additional 5,817 shares during the last quarter. Finally, Tidal Investments LLC boosted its holdings in shares of Parker-Hannifin by 10.8% in the 3rd quarter. Tidal Investments LLC now owns 9,683 shares of the industrial products company’s stock valued at $6,118,000 after buying an additional 946 shares in the last quarter. Hedge funds and other 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.