Parker-Hannifin (NYSE:PH) Hits New 1-Year High on Analyst Upgrade

Parker-Hannifin Co. (NYSE:PH - Get Free Report)'s stock price reached a new 52-week high on Thursday after Stifel Nicolaus raised their price target on the stock from $588.00 to $629.00. Stifel Nicolaus currently has a buy rating on the stock. Parker-Hannifin traded as high as $566.41 and last traded at $565.38, with a volume of 23892 shares trading hands. The stock had previously closed at $558.57.

Several other research firms also recently issued reports on PH. Truist Financial assumed coverage on shares of Parker-Hannifin in a research report on Thursday, March 14th. They issued a "buy" rating and a $602.00 price target for the company. The Goldman Sachs Group reissued a "buy" rating and issued a $551.00 price target on shares of Parker-Hannifin in a research report on Tuesday, January 2nd. TD Cowen raised shares of Parker-Hannifin from an "underperform" rating to a "market perform" rating and lifted their price objective for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Wolfe Research reaffirmed a "peer perform" rating on shares of Parker-Hannifin in a report on Monday, December 11th. Finally, Evercore ISI lifted their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an "outperform" rating in a report on Tuesday, February 20th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Parker-Hannifin currently has a consensus rating of "Moderate Buy" and a consensus target price of $511.31.

Insider Activity at Parker-Hannifin

In related news, VP Thomas C. Gentile sold 2,978 shares of the business's stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the sale, the vice president now directly owns 5,465 shares in the company, valued at approximately $2,741,899.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Andrew D. Ross sold 3,904 shares of the company's stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at $6,693,299.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Thomas C. Gentile sold 2,978 shares of the company's stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $501.72, for a total value of $1,494,122.16. Following the sale, the vice president now owns 5,465 shares in the company, valued at $2,741,899.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,079 shares of company stock worth $6,099,566. Company insiders own 1.03% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. OFI Invest Asset Management bought a new position in shares of Parker-Hannifin during the third quarter valued at approximately $25,000. Sachetta LLC bought a new position in Parker-Hannifin in the fourth quarter worth $25,000. Wetzel Investment Advisors Inc. bought a new position in Parker-Hannifin in the fourth quarter worth $26,000. Baystate Wealth Management LLC raised its holdings in Parker-Hannifin by 233.3% in the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company's stock worth $27,000 after purchasing an additional 49 shares in the last quarter. Finally, DHJJ Financial Advisors Ltd. bought a new position in Parker-Hannifin in the third quarter worth $29,000. Hedge funds and other institutional investors own 82.44% of the company's stock.

Parker-Hannifin Stock Performance

The business has a fifty day simple moving average of $527.01 and a 200-day simple moving average of $459.15. The company has a quick ratio of 0.49, a current ratio of 0.90 and a debt-to-equity ratio of 0.72. The firm has a market cap of $71.35 billion, a P/E ratio of 27.51, a P/E/G ratio of 2.02 and a beta of 1.52.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The business had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the prior year, the company earned $4.76 earnings per share. The firm's quarterly revenue was up 3.1% compared to the same quarter last year. On average, sell-side analysts predict that Parker-Hannifin Co. will post 24.2 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were paid a $1.48 dividend. The ex-dividend date was Thursday, February 8th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.07%. Parker-Hannifin's dividend payout ratio is currently 29.31%.

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.