Parker-Hannifin (NYSE:PH) Price Target Raised to $611.00

Parker-Hannifin (NYSE:PH) had its price target raised by Truist Financial from $602.00 to $611.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Other research analysts have also issued research reports about the stock. TD Cowen upgraded shares of Parker-Hannifin from an underperform rating to a market perform rating and raised their price objective for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Stifel Nicolaus raised their target price on Parker-Hannifin from $588.00 to $629.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. Evercore ISI raised their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an outperform rating in a research report on Tuesday, February 20th. KeyCorp increased their target price on shares of 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 upped their price target on Parker-Hannifin from $490.00 to $550.00 and gave the company a neutral rating in a report on Friday. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $539.56.

Parker-Hannifin Price Performance

NYSE PH opened at $550.79 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The company has a 50-day moving average price of $545.36 and a two-hundred day moving average price of $485.16. The stock has a market cap of $70.73 billion, a price-to-earnings ratio of 25.96, a price-to-earnings-growth ratio of 1.94 and a beta of 1.51. Parker-Hannifin has a 52 week low of $319.14 and a 52 week high of $570.15.

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

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be paid a $1.63 dividend. The ex-dividend date is Thursday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a yield of 1.18%. Parker-Hannifin’s payout ratio is 27.90%.

Institutional Investors Weigh In On Parker-Hannifin

Institutional investors and hedge funds have recently modified their holdings of the business. Commonwealth Equity Services LLC boosted its position in Parker-Hannifin by 3.2% during the third quarter. Commonwealth Equity Services LLC now owns 36,377 shares of the industrial products company’s stock worth $14,170,000 after purchasing an additional 1,112 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in Parker-Hannifin by 0.8% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 13,543 shares of the industrial products company’s stock valued at $5,275,000 after acquiring an additional 104 shares during the period. Robeco Institutional Asset Management B.V. grew its position in shares of Parker-Hannifin by 3.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 17,215 shares of the industrial products company’s stock valued at $6,706,000 after purchasing an additional 502 shares during the last quarter. Raymond James & Associates lifted its position in shares of Parker-Hannifin by 3.3% during the 3rd quarter. Raymond James & Associates now owns 188,382 shares of the industrial products company’s stock worth $73,379,000 after purchasing an additional 6,090 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in Parker-Hannifin by 5.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 51,372 shares of the industrial products company’s stock valued at $20,010,000 after purchasing an additional 2,465 shares during the period. Institutional investors and hedge funds 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.