Parker-Hannifin (NYSE:PH) Rating Reiterated by Truist Financial

Truist Financial reissued their buy rating on shares of Parker-Hannifin (NYSE:PH) in a report issued on Wednesday morning, Benzinga reports. They currently have a $611.00 target price on the industrial products company’s stock.

A number of other research analysts also recently commented on the stock. KeyCorp increased their target price on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Evercore ISI lifted their target price on Parker-Hannifin from $505.00 to $590.00 and gave the stock an outperform rating in a research report on Tuesday, February 20th. Mizuho boosted their target price on Parker-Hannifin from $490.00 to $550.00 and gave the company a neutral rating in a report on Friday, May 3rd. Argus raised their price target on Parker-Hannifin from $550.00 to $590.00 and gave the stock a buy rating in a research note on Monday, May 6th. Finally, Barclays reduced their price objective on Parker-Hannifin from $625.00 to $618.00 and set an overweight rating for the company in a research note on Friday, May 3rd. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Parker-Hannifin presently has an average rating of Moderate Buy and a consensus price target of $548.53.

Parker-Hannifin Price Performance

PH stock opened at $553.27 on Wednesday. Parker-Hannifin has a 52-week low of $319.14 and a 52-week high of $570.15. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The stock has a market cap of $71.12 billion, a price-to-earnings ratio of 26.07, a price-to-earnings-growth ratio of 1.90 and a beta of 1.51. The business has a fifty day moving average of $548.36 and a two-hundred day moving average of $493.40.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping the consensus estimate of $6.10 by $0.41. The business had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the company earned $5.93 EPS. As a group, research analysts anticipate that Parker-Hannifin will post 24.79 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be given a dividend of $1.63 per share. The ex-dividend date is Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a yield of 1.18%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the transaction, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Jay Reidy sold 572 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the sale, the vice president now owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the sale, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Institutional Trading of Parker-Hannifin

Several large investors have recently bought and sold shares of PH. Vanguard Group Inc. increased its stake in shares of Parker-Hannifin by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock worth $5,872,694,000 after purchasing an additional 105,475 shares in the last quarter. FMR LLC raised its holdings in shares of Parker-Hannifin by 9.6% in the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock worth $1,437,096,000 after acquiring an additional 324,063 shares during the last quarter. Invesco Ltd. lifted its position in shares of Parker-Hannifin by 1.8% in the third quarter. Invesco Ltd. now owns 2,911,452 shares of the industrial products company’s stock valued at $1,134,069,000 after acquiring an additional 52,739 shares in the last quarter. Norges Bank acquired a new stake in shares of Parker-Hannifin during the fourth quarter valued at $665,188,000. Finally, Northern Trust Corp increased its position in Parker-Hannifin by 2.9% during the 3rd quarter. Northern Trust Corp now owns 1,310,125 shares of the industrial products company’s stock worth $510,320,000 after purchasing an additional 36,744 shares in the last quarter. Institutional investors and hedge funds 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.