Susquehanna Begins Coverage on Parker-Hannifin (NYSE:PH)

Key Points

• Analysts at Susquehanna have initiated coverage on Parker-Hannifin with a "positive" rating and set a price target of $860.00, suggesting a potential upside of 15.24% from its previous close.
• Several firms, including KeyCorp and Wells Fargo, have recently increased their price targets for Parker-Hannifin, reflecting strong sentiment among analysts regarding the company's performance.
• Parker-Hannifin reported earnings of $7.69 EPS for the previous quarter, exceeding analysts' estimates, which indicates solid revenue and financial strength.

Equities research analysts at Susquehanna began coverage on shares of Parker-Hannifin (NYSE:PH - Get Free Report) in a research note issued on Friday, MarketBeat.com reports. The firm set a "positive" rating and a $860.00 price target on the industrial products company's stock. Susquehanna's price target would indicate a potential upside of 17.86% from the stock's previous close.

Several other analysts have also weighed in on the company. Wells Fargo & Company increased their price target on Parker-Hannifin from $770.00 to $800.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Parker-Hannifin in a research report on Friday, August 8th. Citigroup reiterated a "buy" rating and set a $831.00 target price (up from $709.00) on shares of Parker-Hannifin in a research report on Monday, July 14th. Barclays lifted their target price on Parker-Hannifin from $750.00 to $776.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Finally, Mizuho set a $785.00 target price on Parker-Hannifin in a research report on Friday, May 16th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $768.71.

Parker-Hannifin Trading Down 2.1%

NYSE:PH traded down $15.66 during midday trading on Friday, hitting $729.68. 716,118 shares of the company traded hands, compared to its average volume of 741,857. The firm's fifty day moving average is $705.53 and its 200-day moving average is $658.60. Parker-Hannifin has a 12-month low of $488.45 and a 12-month high of $763.99. The firm has a market capitalization of $93.24 billion, a P/E ratio of 26.91, a P/E/G ratio of 3.03 and a beta of 1.37. The company has a current ratio of 1.19, a quick ratio of 0.71 and a debt-to-equity ratio of 0.55.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share for the quarter, beating the consensus estimate of $7.08 by $0.61. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.79%. The company had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.10 billion. During the same quarter in the prior year, the firm posted $6.77 EPS. Parker-Hannifin's quarterly revenue was up 1.1% compared to the same quarter last year. On average, sell-side analysts predict that Parker-Hannifin will post 26.71 EPS for the current year.

Insider Activity

In other news, VP Matthew A. Jacobson sold 575 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $733.06, for a total transaction of $421,509.50. Following the transaction, the vice president owned 1,000 shares in the company, valued at approximately $733,060. This trade represents a 36.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Robert W. Malone sold 2,257 shares of Parker-Hannifin stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $730.66, for a total value of $1,649,099.62. Following the completion of the transaction, the vice president owned 5,866 shares in the company, valued at $4,286,051.56. This trade represents a 27.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,414 shares of company stock valued at $6,883,931. Company insiders own 0.39% of the company's stock.

Hedge Funds Weigh In On Parker-Hannifin

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Public Sector Pension Investment Board grew its stake in Parker-Hannifin by 32.6% in the second quarter. Public Sector Pension Investment Board now owns 274,315 shares of the industrial products company's stock valued at $191,601,000 after purchasing an additional 67,410 shares during the last quarter. MUFG Securities EMEA plc purchased a new position in Parker-Hannifin in the second quarter valued at about $265,000. Brooks Moore & Associates Inc. purchased a new position in Parker-Hannifin in the second quarter valued at about $220,000. Keel Point LLC grew its stake in Parker-Hannifin by 47.9% in the second quarter. Keel Point LLC now owns 1,694 shares of the industrial products company's stock valued at $1,183,000 after purchasing an additional 549 shares during the last quarter. Finally, Tandem Wealth Advisors LLC grew its stake in Parker-Hannifin by 8.0% in the second quarter. Tandem Wealth Advisors LLC now owns 607 shares of the industrial products company's stock valued at $424,000 after purchasing an additional 45 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company's stock.

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.