Stifel Nicolaus upgraded shares of Parker-Hannifin Corp. (NYSE:PH) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. The brokerage currently has $141.00 price objective on the stock, up from their prior price objective of $131.00.
A number of other equities research analysts have also weighed in on the stock. Wells Fargo & Co. raised shares of Parker-Hannifin Corp. from a market perform rating to an outperform rating in a report on Thursday, June 30th. JPMorgan Chase & Co. lowered shares of Parker-Hannifin Corp. from a neutral rating to an underweight rating and lowered their price target for the company from $110.00 to $98.00 in a report on Monday, June 27th. Jefferies Group reaffirmed a hold rating on shares of Parker-Hannifin Corp. in a report on Monday, September 12th. Zacks Investment Research lowered shares of Parker-Hannifin Corp. from a buy rating to a hold rating in a report on Friday, July 15th. Finally, Credit Suisse Group AG reaffirmed a buy rating and set a $131.00 price target on shares of Parker-Hannifin Corp. in a report on Friday, August 5th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $116.12.
Shares of Parker-Hannifin Corp. (NYSE:PH) opened at 124.66 on Wednesday. The stock has a market capitalization of $16.69 billion, a PE ratio of 21.16 and a beta of 1.49. Parker-Hannifin Corp. has a one year low of $83.32 and a one year high of $128.24. The stock has a 50 day moving average of $123.41 and a 200-day moving average of $115.76.
Parker-Hannifin Corp. (NYSE:PH) last released its quarterly earnings results on Thursday, August 4th. The company reported $1.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.75 by $0.15. The business earned $2.96 billion during the quarter, compared to analyst estimates of $2.93 billion. Parker-Hannifin Corp. had a net margin of 7.10% and a return on equity of 18.37%. The business’s revenue was down 6.0% on a year-over-year basis. During the same period last year, the business earned $1.73 EPS. Equities analysts predict that Parker-Hannifin Corp. will post $6.80 earnings per share for the current fiscal year.
In other Parker-Hannifin Corp. news, VP Kurt A. Keller sold 757 shares of the business’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $122.12, for a total transaction of $92,444.84. Following the sale, the vice president now directly owns 28,904 shares in the company, valued at approximately $3,529,756.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Lee C. Banks sold 10,953 shares of the business’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $124.28, for a total transaction of $1,361,238.84. Following the sale, the chief operating officer now owns 99,977 shares in the company, valued at $12,425,141.56. The disclosure for this sale can be found here. 2.73% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. NN Investment Partners Holdings N.V. bought a new stake in Parker-Hannifin Corp. during the first quarter worth approximately $101,000. Van ECK Associates Corp boosted its position in shares of Parker-Hannifin Corp. by 24.4% in the second quarter. Van ECK Associates Corp now owns 1,091 shares of the company’s stock valued at $118,000 after buying an additional 214 shares in the last quarter. Signaturefd LLC boosted its position in shares of Parker-Hannifin Corp. by 2.7% in the second quarter. Signaturefd LLC now owns 1,307 shares of the company’s stock valued at $141,000 after buying an additional 34 shares in the last quarter. Checchi Capital Advisers LLC boosted its position in shares of Parker-Hannifin Corp. by 1.9% in the second quarter. Checchi Capital Advisers LLC now owns 1,653 shares of the company’s stock valued at $179,000 after buying an additional 31 shares in the last quarter. Finally, Mizuho Asset Management Co. Ltd. boosted its position in shares of Parker-Hannifin Corp. by 72.2% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,767 shares of the company’s stock valued at $191,000 after buying an additional 741 shares in the last quarter. Institutional investors own 80.75% of the company’s stock.
Parker-Hannifin Corp. Company Profile
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.
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