Parker-Hannifin (NYSE:PH) Shares Gap Up – Here’s Why

Parker-Hannifin Corporation (NYSE:PH)’s share price gapped up before the market opened on Friday . The stock had previously closed at $957.00, but opened at $1,029.00. Parker-Hannifin shares last traded at $995.0110, with a volume of 92,019 shares.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Wells Fargo & Company decreased their price objective on shares of Parker-Hannifin from $1,050.00 to $980.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. BMO Capital Markets began coverage on shares of Parker-Hannifin in a report on Friday, March 27th. They issued an “outperform” rating and a $1,090.00 price target for the company. Jefferies Financial Group raised 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 report on Friday, January 30th. Truist Financial set a $1,139.00 price target on shares of Parker-Hannifin in a report on Friday, January 30th. Finally, Citigroup raised their price target on shares of Parker-Hannifin from $1,092.00 to $1,137.00 and gave the company a “buy” rating in a report on Monday. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus price target of $1,000.60.

Parker-Hannifin Trading Up 3.9%

The stock has a market capitalization of $125.53 billion, a P/E ratio of 36.30, a PEG ratio of 3.10 and a beta of 1.25. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 0.66. The business’s 50 day simple moving average is $953.87 and its 200-day simple moving average is $885.89.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, beating 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 period in the previous year, the firm earned $6.53 EPS. The company’s revenue was up 9.1% compared to the same quarter last year. As a group, analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Dividend Announcement

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

Insider Activity at Parker-Hannifin

In other news, VP Berend Bracht sold 1,457 shares of Parker-Hannifin stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $946.48, for a total transaction of $1,379,021.36. Following the transaction, 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 SEC, which is available through this hyperlink. Also, VP Matthew A. Jacobson sold 564 shares of Parker-Hannifin stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $949.94, for a total transaction of $535,766.16. Following the transaction, the vice president directly owned 1,000 shares in the company, valued at approximately $949,940. This represents a 36.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 10,063 shares of company stock valued at $9,891,214. 0.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Parker-Hannifin

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

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.