Parker-Hannifin (NYSE:PH) Price Target Raised to $1,137.00

Parker-Hannifin (NYSE:PH) had its target price upped by Citigroup from $1,092.00 to $1,137.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

PH has been the topic of a number of other reports. BMO Capital Markets assumed coverage on shares of Parker-Hannifin in a research note on Friday, March 27th. They set an “outperform” rating and a $1,090.00 target price on the stock. Morgan Stanley increased their price target on shares of Parker-Hannifin from $945.00 to $1,038.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 24th. Jefferies Financial Group increased their price target on shares of Parker-Hannifin from $1,050.00 to $1,100.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Stifel Nicolaus increased their price target on shares of Parker-Hannifin from $965.00 to $1,000.00 and gave the company a “hold” rating in a research note on Friday, April 10th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Parker-Hannifin in a research note on Thursday, January 22nd. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Parker-Hannifin presently has an average rating of “Moderate Buy” and an average target price of $1,000.60.

Parker-Hannifin Stock Down 2.1%

PH stock opened at $964.59 on Monday. The company’s 50 day moving average price is $954.11 and its 200 day moving average price is $885.40. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 1.18. Parker-Hannifin has a fifty-two week low of $538.08 and a fifty-two week high of $1,034.96. The firm has a market capitalization of $121.75 billion, a price-to-earnings ratio of 35.18, a PEG ratio of 3.17 and a beta of 1.25.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, topping analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. During the same quarter last year, the business earned $6.53 EPS. Parker-Hannifin’s revenue was up 9.1% compared to the same quarter last year. On average, equities research analysts anticipate that Parker-Hannifin will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 6th were issued a dividend of $1.80 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a $7.20 annualized dividend and a dividend yield of 0.7%. Parker-Hannifin’s dividend payout ratio (DPR) is currently 26.26%.

Insider Activity

In related news, VP Berend Bracht sold 1,457 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $946.48, for a total transaction of $1,379,021.36. Following the completion of the sale, the vice president directly owned 2,580 shares of the company’s stock, valued at $2,441,918.40. This trade represents a 36.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Andrew D. Ross sold 4,664 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $999.00, for a total value of $4,659,336.00. Following the sale, the chief operating officer directly owned 13,120 shares of the company’s stock, valued at approximately $13,106,880. This represents a 26.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 10,063 shares of company stock valued at $9,891,214. 0.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Parker-Hannifin

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Parker-Hannifin by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 11,142,535 shares of the industrial products company’s stock valued at $9,793,843,000 after acquiring an additional 33,606 shares during the period. Procyon Advisors LLC lifted its holdings in Parker-Hannifin by 158,565.9% in the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock valued at $3,843,346,000 after acquiring an additional 5,066,179 shares during the period. Bank of America Corp DE lifted its holdings in Parker-Hannifin by 0.6% in the fourth quarter. Bank of America Corp DE now owns 3,926,896 shares of the industrial products company’s stock valued at $3,451,584,000 after acquiring an additional 22,305 shares during the period. Capital World Investors lifted its holdings in Parker-Hannifin by 0.6% in the fourth quarter. Capital World Investors now owns 2,600,844 shares of the industrial products company’s stock valued at $2,286,038,000 after acquiring an additional 16,703 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in Parker-Hannifin by 0.6% in the third quarter. Ameriprise Financial Inc. now owns 2,207,996 shares of the industrial products company’s stock valued at $1,674,132,000 after acquiring an additional 13,309 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.