Raymond James Financial Issues Positive Forecast for Parker-Hannifin (NYSE:PH) Stock Price

Key Points

• Raymond James Financial has raised its price target for Parker-Hannifin from $735.00 to $845.00, signaling a potential upside of 15.61% from its previous close.
• The company reported a 7.69 EPS for the last quarter, surpassing analyst expectations and demonstrating year-over-year revenue growth of 1.1%.
• Parker-Hannifin has recently attracted significant institutional investment, with various firms increasing their holdings, indicating strong confidence in the company's future performance.

Parker-Hannifin (NYSE:PH - Get Free Report) had its target price lifted by equities research analysts at Raymond James Financial from $735.00 to $845.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the industrial products company's stock. Raymond James Financial's price objective would suggest a potential upside of 16.12% from the stock's previous close.

A number of other research analysts have also recently issued reports on the company. Citigroup reissued a "buy" rating and set a $831.00 price objective (up from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Stifel Nicolaus lifted their price objective on Parker-Hannifin from $717.00 to $726.00 and gave the company a "hold" rating in a report on Friday. KeyCorp lifted their price objective on Parker-Hannifin from $790.00 to $810.00 and gave the company an "overweight" rating in a report on Friday. Evercore ISI lifted their price target on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Finally, Wells Fargo & Company lifted their price target on Parker-Hannifin from $770.00 to $800.00 and gave the company an "overweight" rating in a report on Friday. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $763.00.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock traded up $2.32 during midday trading on Friday, hitting $727.68. The company had a trading volume of 819,698 shares, compared to its average volume of 660,415. The business's 50 day simple moving average is $697.59 and its two-hundred day simple moving average is $656.35. The stock has a market cap of $92.98 billion, a PE ratio of 26.83, a P/E/G 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 has a 1-year low of $488.45 and a 1-year high of $745.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, August 7th. The industrial products company reported $7.69 EPS for the quarter, topping the consensus estimate of $7.08 by $0.61. The firm had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.10 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.79%. Parker-Hannifin's quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the business earned $6.77 earnings per share. As a group, equities analysts predict that Parker-Hannifin will post 26.71 EPS for the current fiscal year.

Hedge Funds Weigh In On Parker-Hannifin

Institutional investors have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd bought a new stake in Parker-Hannifin in the 4th quarter valued at approximately $25,000. Wealth Preservation Advisors LLC bought a new stake in shares of Parker-Hannifin during the 1st quarter worth approximately $27,000. Saudi Central Bank bought a new stake in shares of Parker-Hannifin during the 1st quarter worth approximately $31,000. Interchange Capital Partners LLC bought a new stake in shares of Parker-Hannifin during the 2nd quarter worth approximately $31,000. Finally, Mpwm Advisory Solutions LLC bought a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $32,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

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.