Parker-Hannifin (NYSE:PH) had its price objective raised by equities researchers at Morgan Stanley from $350.00 to $355.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an "overweight" rating on the industrial products company's stock. Morgan Stanley's target price would suggest a potential upside of 10.55% from the company's previous close.
A number of other brokerages also recently issued reports on PH. Stifel Nicolaus upped their price objective on Parker-Hannifin from $320.00 to $343.00 in a research report on Friday, February 5th. Citigroup increased their price objective on Parker-Hannifin from $305.00 to $340.00 in a research note on Tuesday, March 16th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Parker-Hannifin from $331.00 to $347.00 and gave the company a "buy" rating in a report on Monday. Jefferies Financial Group raised their target price on shares of Parker-Hannifin from $280.00 to $330.00 and gave the stock a "buy" rating in a research note on Friday, January 15th. Finally, JPMorgan Chase & Co. boosted their price target on Parker-Hannifin from $283.00 to $288.00 and gave the company a "neutral" rating in a report on Wednesday, April 14th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Parker-Hannifin has a consensus rating of "Buy" and a consensus price target of $318.79.
Shares of PH opened at $321.11 on Monday. The business's fifty day simple moving average is $309.65 and its two-hundred day simple moving average is $270.68. The company has a current ratio of 1.46, a quick ratio of 0.92 and a debt-to-equity ratio of 1.08. Parker-Hannifin has a 12 month low of $128.87 and a 12 month high of $323.80. The company has a market cap of $41.45 billion, a price-to-earnings ratio of 35.13, a P/E/G ratio of 1.97 and a beta of 1.74.
Parker-Hannifin (NYSE:PH) last issued its earnings results on Wednesday, February 3rd. The industrial products company reported $3.44 EPS for the quarter, beating the consensus estimate of $2.60 by $0.84. The business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.21 billion. Parker-Hannifin had a return on equity of 22.77% and a net margin of 8.75%. The company's revenue was down 2.5% compared to the same quarter last year. During the same period last year, the business posted $2.54 EPS. As a group, research analysts forecast that Parker-Hannifin will post 12.37 EPS for the current year.
In other Parker-Hannifin news, Director Linda S. Harty sold 7,719 shares of the company's stock in a transaction dated Thursday, March 11th. The stock was sold at an average price of $311.69, for a total value of $2,405,935.11. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Roger S. Sherrard sold 850 shares of the company's stock in a transaction dated Wednesday, March 10th. The stock was sold at an average price of $302.39, for a total value of $257,031.50. Following the completion of the transaction, the vice president now directly owns 74,593 shares in the company, valued at $22,556,177.27. The disclosure for this sale can be found here. Corporate insiders own 1.47% of the company's stock.
A number of hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its position in Parker-Hannifin by 3.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,136,904 shares of the industrial products company's stock worth $1,126,909,000 after purchasing an additional 144,080 shares during the last quarter. Norges Bank acquired a new position in shares of Parker-Hannifin during the 4th quarter valued at about $794,592,000. Nuveen Asset Management LLC increased its holdings in shares of Parker-Hannifin by 0.8% during the 4th quarter. Nuveen Asset Management LLC now owns 1,961,182 shares of the industrial products company's stock valued at $534,246,000 after acquiring an additional 14,687 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Parker-Hannifin by 5.2% during the 4th quarter. Principal Financial Group Inc. now owns 1,278,051 shares of the industrial products company's stock valued at $348,152,000 after acquiring an additional 63,527 shares during the last quarter. Finally, Maj Invest Holding A S increased its holdings in shares of Parker-Hannifin by 33.6% during the 4th quarter. Maj Invest Holding A S now owns 1,014,038 shares of the industrial products company's stock valued at $276,233,000 after acquiring an additional 254,967 shares during the last quarter. 77.44% of the stock is currently owned by institutional investors.
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 monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; control solutions for extreme corrosion resistance, temperatures, pressures, and precise flow; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.
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