Parker-Hannifin (NYSE:PH) Sets New 1-Year High - Still a Buy?

Parker-Hannifin Corporation (NYSE:PH - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $729.00 and last traded at $728.29, with a volume of 320539 shares changing hands. The stock had previously closed at $721.12.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PH. KeyCorp upped their target price on shares of Parker-Hannifin from $735.00 to $790.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Wells Fargo & Company raised their price target on shares of Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Barclays raised their price target on shares of Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Citigroup reissued a "buy" rating and issued a $831.00 price objective (up previously from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Finally, Mizuho set a $785.00 price target on Parker-Hannifin in a report on Friday, May 16th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $739.59.

Parker-Hannifin Stock Performance

The firm has a 50 day simple moving average of $684.94 and a 200-day simple moving average of $650.92. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. The company has a market cap of $94.33 billion, a price-to-earnings ratio of 28.43, a PEG ratio of 3.11 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. The firm had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. Parker-Hannifin's revenue was down 2.2% compared to the same quarter last year. During the same period last year, the business posted $6.51 earnings per share. As a group, analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the sale, the vice president directly owned 2,083 shares of the company's stock, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.39% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Parker-Hannifin by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,023,764 shares of the industrial products company's stock worth $6,700,795,000 after purchasing an additional 168,990 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Parker-Hannifin by 3.9% during the fourth quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company's stock valued at $1,699,580,000 after buying an additional 99,261 shares during the last quarter. Invesco Ltd. raised its position in shares of Parker-Hannifin by 8.6% during the fourth quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company's stock valued at $1,591,810,000 after buying an additional 198,292 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Parker-Hannifin by 52.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,443,104 shares of the industrial products company's stock worth $1,485,042,000 after purchasing an additional 842,262 shares in the last quarter. Finally, Royal Bank of Canada raised its position in Parker-Hannifin by 99.8% in the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock worth $1,448,241,000 after purchasing an additional 1,137,564 shares in the last quarter. Institutional investors own 82.44% of the company's stock.

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.