Parker-Hannifin (NYSE:PH) Price Target Cut to $630.00

Parker-Hannifin (NYSE:PH - Get Free Report) had its price target lowered by equities research analysts at Wells Fargo & Company from $640.00 to $630.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the industrial products company's stock. Wells Fargo & Company's target price would suggest a potential upside of 14.38% from the stock's current price.

Other research analysts have also recently issued research reports about the company. Truist Financial lifted their price objective on Parker-Hannifin from $602.00 to $611.00 and gave the company a "buy" rating in a research note on Friday. Stifel Nicolaus lifted their price objective 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 lifted their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the company an "outperform" rating in a research note on Tuesday, February 20th. KeyCorp lifted their price objective on 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 boosted their price target on Parker-Hannifin from $490.00 to $550.00 and gave the stock a "neutral" rating in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $539.56.

Parker-Hannifin Stock Up 2.7 %

Shares of PH traded up $14.61 on Monday, reaching $550.79. The stock had a trading volume of 604,648 shares, compared to its average volume of 606,886. The firm has a market capitalization 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. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. The company has a 50-day simple moving average of $545.36 and a 200-day simple moving average of $485.16. Parker-Hannifin has a 12-month low of $319.14 and a 12-month high of $570.15.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating analysts' consensus estimates of $6.10 by $0.41. The company had revenue of $5.07 billion during the quarter, compared to analysts' expectations of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm's revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the business posted $5.93 EPS. Sell-side analysts predict that Parker-Hannifin will post 24.62 EPS for the current year.

Institutional Trading of Parker-Hannifin

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC lifted its position in shares of Parker-Hannifin by 9.6% in the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company's stock valued at $1,437,096,000 after acquiring an additional 324,063 shares in the last quarter. Invesco Ltd. lifted its position in shares of Parker-Hannifin by 1.8% in the third quarter. Invesco Ltd. now owns 2,911,452 shares of the industrial products company's stock valued at $1,134,069,000 after acquiring an additional 52,739 shares in the last quarter. Norges Bank purchased a new position in shares of Parker-Hannifin in the fourth quarter valued at about $665,188,000. Northern Trust Corp lifted its position in shares of Parker-Hannifin by 2.9% in the third quarter. Northern Trust Corp now owns 1,310,125 shares of the industrial products company's stock valued at $510,320,000 after acquiring an additional 36,744 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd lifted its position in shares of Parker-Hannifin by 42.2% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company's stock worth $521,861,000 after buying an additional 336,370 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

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.