Parker-Hannifin (NYSE:PH) Price Target Raised to $650.00

Parker-Hannifin (NYSE:PH - Free Report) had its target price boosted by Bank of America from $600.00 to $650.00 in a research note released on Friday morning, Benzinga reports. The firm currently has a buy rating on the industrial products company's stock.

PH has been the subject of several other research reports. Argus lifted their target price on shares of Parker-Hannifin from $550.00 to $590.00 and gave the company a buy rating in a report on Monday, May 6th. Stifel Nicolaus lifted their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a buy rating in a report on Wednesday, April 3rd. Barclays dropped their target price on shares of Parker-Hannifin from $625.00 to $618.00 and set an overweight rating for the company in a report on Friday, May 3rd. Wells Fargo & Company dropped their target price on shares of Parker-Hannifin from $640.00 to $630.00 and set an overweight rating for the company in a report on Monday, May 6th. Finally, Mizuho lifted their target price on shares of Parker-Hannifin from $490.00 to $550.00 and gave the company a neutral rating in a report on Friday, May 3rd. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $560.20.

Parker-Hannifin Price Performance

PH traded up $5.62 during trading on Friday, reaching $545.11. The company's stock had a trading volume of 817,421 shares, compared to its average volume of 607,908. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The firm has a fifty day simple moving average of $548.37 and a two-hundred day simple moving average of $493.72. Parker-Hannifin has a 1 year low of $319.14 and a 1 year high of $570.15. The company has a market cap of $70.07 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 1.90 and a beta of 1.51.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping analysts' consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The business had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same period last year, the company posted $5.93 EPS. The business's revenue was up .3% on a year-over-year basis. As a group, analysts anticipate that Parker-Hannifin will post 24.84 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be given a dividend of $1.63 per share. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend is Thursday, May 9th. Parker-Hannifin's payout ratio is 30.73%.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 1,079 shares of the business's stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the sale, the vice president now directly owns 4,200 shares of the company's stock, valued at $2,305,170. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, VP Jay Reidy sold 572 shares of the company's stock in a transaction dated Friday, May 3rd. The shares were 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 $609,989.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Berend Bracht sold 1,079 shares of the company's stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the sale, the vice president now directly owns 4,200 shares of the company's stock, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Parker-Hannifin

A number of institutional investors and hedge funds have recently made changes to their positions in the business. OFI Invest Asset Management acquired a new position in shares of Parker-Hannifin during the third quarter worth about $25,000. Sachetta LLC acquired a new position in shares of Parker-Hannifin during the fourth quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Parker-Hannifin during the fourth quarter worth about $26,000. First United Bank & Trust acquired a new position in shares of Parker-Hannifin during the fourth quarter worth about $29,000. Finally, Harbor Investment Advisory LLC increased its stake in shares of Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company's stock worth $29,000 after acquiring an additional 20 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

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.