Argus Increases Parker-Hannifin (NYSE:PH) Price Target to $590.00

Parker-Hannifin (NYSE:PH) had its price target upped by investment analysts at Argus from $550.00 to $590.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Argus’ target price suggests a potential upside of 7.25% from the company’s current price.

PH has been the topic of several other research reports. TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and upped their price objective for the stock from $300.00 to $500.00 in a research report on Friday, March 1st. Wells Fargo & Company cut their price objective on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a report on Monday. Stifel Nicolaus increased their target price 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. KeyCorp lifted their price target on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Mizuho increased their price target on Parker-Hannifin from $490.00 to $550.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. Five equities 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.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $539.56.

Parker-Hannifin Stock Down 0.1 %

NYSE:PH opened at $550.14 on Monday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The company’s fifty day moving average price is $545.73 and its 200-day moving average price is $486.41. Parker-Hannifin has a 1-year low of $319.14 and a 1-year high of $570.15. The firm has a market capitalization of $70.64 billion, a P/E ratio of 25.93, a PEG ratio of 1.94 and a beta of 1.51.

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

Insider Activity

In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Jay Reidy sold 572 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the transaction, the vice president now owns 1,137 shares of the company’s stock, valued at $609,989.13. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Large investors have recently modified their holdings of the business. FMR LLC boosted its stake in Parker-Hannifin by 9.6% during the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock worth $1,437,096,000 after buying an additional 324,063 shares during the period. Invesco Ltd. boosted its position in shares of Parker-Hannifin by 1.8% during the 3rd quarter. Invesco Ltd. now owns 2,911,452 shares of the industrial products company’s stock worth $1,134,069,000 after purchasing an additional 52,739 shares during the period. Norges Bank acquired a new stake in Parker-Hannifin in the 4th quarter valued at approximately $665,188,000. Northern Trust Corp raised its position in Parker-Hannifin by 2.9% in the third quarter. Northern Trust Corp now owns 1,310,125 shares of the industrial products company’s stock valued at $510,320,000 after purchasing an additional 36,744 shares during the period. Finally, Alphinity Investment Management Pty Ltd lifted its stake in Parker-Hannifin by 42.2% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after purchasing an additional 336,370 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Company Profile

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.