KeyCorp Issues Positive Forecast for Parker-Hannifin (NYSE:PH) Stock Price

Key Points

• KeyCorp raised its price target for Parker-Hannifin from $790.00 to $810.00, indicating a potential upside of 10.44% from its previous close.
• The stock has recently been rated "overweight" by multiple firms, with a consensus price target of $742.29 and a strong average rating of "Moderate Buy" from analysts.
• Parker-Hannifin reported earnings of $7.69 per share for the last quarter, exceeding expectations and showing a 1.1% increase in revenue year-over-year.

Parker-Hannifin (NYSE:PH - Get Free Report) had its target price hoisted by analysts at KeyCorp from $790.00 to $810.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the industrial products company's stock. KeyCorp's price target suggests a potential upside of 11.31% from the stock's current price.

PH has been the subject of several other research reports. Citigroup reaffirmed a "buy" rating and issued a $831.00 target price (up previously from $709.00) on shares of Parker-Hannifin in a research note on Monday, July 14th. Evercore ISI upped their target price on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Argus set a $680.00 price objective on Parker-Hannifin in a report on Tuesday, May 6th. Barclays increased their price objective on Parker-Hannifin from $750.00 to $776.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research note on Friday, May 16th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $756.06.

Parker-Hannifin Stock Performance

Shares of NYSE PH traded up $2.32 during mid-day trading on Friday, reaching $727.68. 819,698 shares of the company's stock were exchanged, compared to its average volume of 660,415. The firm has a 50-day moving average price of $697.59 and a two-hundred day moving average price of $656.35. Parker-Hannifin has a 52 week low of $488.45 and a 52 week high of $745.34. The firm has a market capitalization of $92.98 billion, a price-to-earnings ratio of 26.83, a price-to-earnings-growth ratio of 3.11 and a beta of 1.37. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.19 and a quick ratio of 0.70.

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

Institutional Investors Weigh In On Parker-Hannifin

Several hedge funds and other institutional investors have recently made changes to their positions in PH. Summitry LLC acquired a new stake in shares of Parker-Hannifin in the second quarter valued at $231,000. Rockefeller Capital Management L.P. lifted its holdings in Parker-Hannifin by 6.5% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 131,602 shares of the industrial products company's stock worth $91,920,000 after buying an additional 8,036 shares during the last quarter. Citizens Financial Group Inc. RI lifted its holdings in Parker-Hannifin by 1.6% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 33,448 shares of the industrial products company's stock worth $23,362,000 after buying an additional 513 shares during the last quarter. Avantax Advisory Services Inc. lifted its holdings in shares of Parker-Hannifin by 4.7% in the 2nd quarter. Avantax Advisory Services Inc. now owns 10,461 shares of the industrial products company's stock valued at $7,307,000 after purchasing an additional 473 shares during the last quarter. Finally, Sculati Wealth Management LLC lifted its holdings in shares of Parker-Hannifin by 26.4% in the 2nd quarter. Sculati Wealth Management LLC now owns 1,747 shares of the industrial products company's stock valued at $1,220,000 after purchasing an additional 365 shares during 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.