Goldman Sachs Group Inc. Upgrades Parker-Hannifin Corp. (PH) to Neutral
Parker-Hannifin Corp. (NYSE:PH) was upgraded by equities researchers at Goldman Sachs Group Inc. from a “sell” rating to a “neutral” rating in a research note issued on Tuesday, The Fly reports.
Several other brokerages have also recently weighed in on PH. Zacks Investment Research raised shares of Parker-Hannifin Corp. from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a report on Tuesday, October 4th. Argus reaffirmed a “neutral” rating on shares of Parker-Hannifin Corp. in a report on Thursday, August 18th. KeyCorp reaffirmed a “buy” rating and issued a $136.00 target price on shares of Parker-Hannifin Corp. in a report on Thursday, September 8th. Stifel Nicolaus raised shares of Parker-Hannifin Corp. from a “hold” rating to a “buy” rating and raised their price objective for the stock from $131.00 to $141.00 in a report on Wednesday, October 5th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $109.00 price objective on shares of Parker-Hannifin Corp. in a report on Thursday, August 25th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $116.12.
Shares of Parker-Hannifin Corp. (NYSE:PH) opened at 125.09 on Tuesday. The stock has a market capitalization of $16.75 billion, a P/E ratio of 21.24 and a beta of 1.49. The company’s 50-day moving average is $123.43 and its 200-day moving average is $115.92. Parker-Hannifin Corp. has a one year low of $83.32 and a one year high of $128.24.
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Parker-Hannifin Corp. (NYSE:PH) last issued its earnings results on Thursday, August 4th. The company reported $1.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.75 by $0.15. The firm had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Parker-Hannifin Corp. had a net margin of 7.10% and a return on equity of 18.37%. The firm’s revenue was down 6.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.73 earnings per share. On average, equities research analysts anticipate that Parker-Hannifin Corp. will post $6.80 earnings per share for the current year.
In related news, VP Robert W. Bond sold 14,043 shares of Parker-Hannifin Corp. stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $124.51, for a total value of $1,748,493.93. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Martin C. Maxwell sold 893 shares of Parker-Hannifin Corp. stock in a transaction on Friday, August 5th. The shares were sold at an average price of $120.62, for a total transaction of $107,713.66. Following the completion of the transaction, the vice president now owns 39,451 shares in the company, valued at $4,758,579.62. The disclosure for this sale can be found here. 2.73% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the stock. Catawba Capital Management VA purchased a new position in Parker-Hannifin Corp. during the third quarter worth $202,000. Copper Rock Capital Partners LLC purchased a new position in Parker-Hannifin Corp. during the third quarter worth $362,000. BNP Paribas Arbitrage SA raised its position in Parker-Hannifin Corp. by 97.4% in the third quarter. BNP Paribas Arbitrage SA now owns 97,601 shares of the company’s stock worth $12,252,000 after buying an additional 48,160 shares during the period. CT Mason raised its position in Parker-Hannifin Corp. by 2.7% in the third quarter. CT Mason now owns 30,491 shares of the company’s stock worth $3,828,000 after buying an additional 810 shares during the period. Finally, Macquarie Group Ltd. raised its position in Parker-Hannifin Corp. by 53.7% in the second quarter. Macquarie Group Ltd. now owns 95,390 shares of the company’s stock worth $10,307,000 after buying an additional 33,330 shares during the period. Hedge funds and other 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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