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

Shares of Parker-Hannifin Corporation (NYSE:PH - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $723.17 and last traded at $714.44, with a volume of 58043 shares. The stock had previously closed at $710.22.

Analysts Set New Price Targets

Several analysts have issued reports on PH shares. Evercore ISI boosted their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Argus set a $680.00 target price on shares of Parker-Hannifin in a research report on Tuesday, May 6th. KeyCorp upped their price target on shares of Parker-Hannifin from $735.00 to $790.00 and gave the company an "overweight" rating in a report on Tuesday. 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 report on Wednesday, July 9th. Finally, Wall Street Zen cut shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and a consensus target price of $739.12.

Parker-Hannifin Trading Up 1.0%

The firm has a market capitalization of $91.66 billion, a PE ratio of 27.66, a PEG ratio of 3.05 and a beta of 1.34. The firm's fifty day moving average is $677.83 and its two-hundred day moving average is $647.31. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70.

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

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date was Friday, May 9th. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is 27.72%.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, the vice president owned 2,083 shares of the company's stock, valued at $1,292,230.71. This represents a 6.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.39% of the company's stock.

Institutional Investors Weigh In On Parker-Hannifin

Several institutional investors have recently added to or reduced their stakes in the company. First Manhattan CO. LLC. increased its stake in shares of Parker-Hannifin by 1.0% in the 4th quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock worth $1,005,000 after acquiring an additional 15 shares in the last quarter. Cascade Financial Partners LLC increased its stake in Parker-Hannifin by 3.1% during the 1st quarter. Cascade Financial Partners LLC now owns 498 shares of the industrial products company's stock valued at $303,000 after purchasing an additional 15 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its stake in Parker-Hannifin by 0.8% during the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,814 shares of the industrial products company's stock valued at $1,103,000 after purchasing an additional 15 shares in the last quarter. Sivia Capital Partners LLC increased its stake in Parker-Hannifin by 3.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 430 shares of the industrial products company's stock valued at $300,000 after purchasing an additional 15 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in Parker-Hannifin by 0.5% during the 1st 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. 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.

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