Parker-Hannifin (NYSE:PH) Reaches New 52-Week High - Still a Buy?

Key Points

• Parker-Hannifin shares reached a new 52-week high of $745.52 during recent trading, with a consensus rating of "Moderate Buy" among analysts.
• Analysts from Barclays, Wells Fargo, and Citigroup have raised their price targets significantly, with Citigroup increasing its target to $831.00.
• The company reported earnings of $7.69 per share, above estimates, and a revenue increase of 1.1% year-over-year, indicating solid financial performance.

Parker-Hannifin Corporation (NYSE:PH - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $745.52 and last traded at $745.31, with a volume of 109357 shares changing hands. The stock had previously closed at $730.66.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Barclays increased their target price on shares of Parker-Hannifin from $750.00 to $776.00 and gave the stock an "overweight" rating in a research report on Friday. Stifel Nicolaus lifted their target price on Parker-Hannifin from $717.00 to $726.00 and gave the company a "hold" rating in a research report on Friday. 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 research note on Friday. 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. Finally, Morgan Stanley upped their price target on Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $763.00.

Parker-Hannifin Stock Performance

The company has a market cap of $95.79 billion, a P/E ratio of 27.64, a price-to-earnings-growth ratio of 3.11 and a beta of 1.37. The company's fifty day moving average is $699.00 and its 200 day moving average is $656.55. 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 earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $5.10 billion. During the same quarter in the previous year, the company posted $6.77 EPS. Parker-Hannifin's revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Parker-Hannifin by 0.9% during the second quarter. Vanguard Group Inc. now owns 11,125,240 shares of the industrial products company's stock valued at $7,770,646,000 after buying an additional 101,476 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Parker-Hannifin by 52.6% in the 1st 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. Royal Bank of Canada lifted its position in shares of Parker-Hannifin by 99.8% in the 4th 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 during the period. JPMorgan Chase & Co. boosted its stake in shares of Parker-Hannifin by 0.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,075,234 shares of the industrial products company's stock valued at $1,449,496,000 after purchasing an additional 14,534 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Parker-Hannifin by 9.3% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company's stock valued at $1,282,294,000 after buying an additional 172,064 shares during the period. 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.

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