Parker-Hannifin (NYSE:PH) Price Target Raised to $725.00 at Morgan Stanley

Parker-Hannifin (NYSE:PH - Get Free Report) had its price target raised by equities researchers at Morgan Stanley from $700.00 to $725.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the industrial products company's stock. Morgan Stanley's price objective would indicate a potential upside of 1.23% from the company's current price.

PH has been the subject of several other research reports. KeyCorp upped their price target on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Truist Financial reduced their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Stifel Nicolaus raised their target price on Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a research report on Monday, June 2nd. Mizuho set a $785.00 price target on Parker-Hannifin in a research report on Friday, May 16th. Finally, Wells Fargo & Company increased their price objective on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $723.82.

Parker-Hannifin Price Performance

Shares of NYSE PH traded up $8.61 during mid-day trading on Wednesday, reaching $716.20. The company had a trading volume of 191,820 shares, compared to its average volume of 696,464. The company has a 50-day moving average price of $668.34 and a two-hundred day moving average price of $645.14. The stock has a market cap of $91.52 billion, a PE ratio of 27.58, a P/E/G ratio of 3.04 and a beta of 1.34. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin has a 1-year low of $488.45 and a 1-year high of $720.90.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The firm had revenue of $4.96 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter last year, the business posted $6.51 EPS. Parker-Hannifin's revenue was down 2.2% on a year-over-year basis. On average, equities analysts anticipate that Parker-Hannifin will post 26.71 earnings per share for the current year.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the transaction, the vice president owned 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.39% of the company's stock.

Institutional Trading of Parker-Hannifin

Institutional investors have recently modified their holdings of the company. First Manhattan CO. LLC. boosted its stake in Parker-Hannifin by 1.0% during the fourth quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock worth $1,005,000 after buying an additional 15 shares in the last quarter. Cascade Financial Partners LLC increased its stake in Parker-Hannifin by 3.1% in the first quarter. Cascade Financial Partners LLC now owns 498 shares of the industrial products company's stock valued at $303,000 after acquiring an additional 15 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its position in Parker-Hannifin by 0.8% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,814 shares of the industrial products company's stock worth $1,103,000 after purchasing an additional 15 shares in the last quarter. Sivia Capital Partners LLC lifted its stake in Parker-Hannifin by 3.6% during the second quarter. Sivia Capital Partners LLC now owns 430 shares of the industrial products company's stock worth $300,000 after purchasing an additional 15 shares during the period. Finally, Empowered Funds LLC boosted its holdings in Parker-Hannifin by 0.5% during the first quarter. Empowered Funds LLC now owns 2,894 shares of the industrial products company's stock valued at $1,759,000 after purchasing an additional 15 shares in the last quarter. Institutional investors and hedge funds 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.