Parker-Hannifin Corporation (PH) Receives “Overweight” Rating from KeyCorp
Parker-Hannifin Corporation (NYSE:PH)‘s stock had its “overweight” rating reaffirmed by equities researchers at KeyCorp in a research note issued on Saturday. They presently have a $185.00 price target on the industrial products company’s stock. KeyCorp’s price target indicates a potential upside of 9.02% from the stock’s previous close.
A number of other equities research analysts also recently weighed in on PH. Jefferies Group LLC reaffirmed a “hold” rating and issued a $165.00 target price (up from $163.00) on shares of Parker-Hannifin Corporation in a research note on Wednesday, August 9th. Zacks Investment Research downgraded shares of Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. Credit Suisse Group set a $189.00 target price on shares of Parker-Hannifin Corporation and gave the company a “buy” rating in a research note on Sunday, May 28th. BidaskClub downgraded shares of Parker-Hannifin Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. Finally, Robert W. Baird set a $163.00 target price on shares of Parker-Hannifin Corporation and gave the company a “hold” rating in a research note on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $174.38.
Parker-Hannifin Corporation (PH) opened at 169.69 on Friday. The company’s 50-day moving average is $161.07 and its 200-day moving average is $159.70. The firm has a market capitalization of $22.59 billion, a PE ratio of 23.41 and a beta of 1.41. Parker-Hannifin Corporation has a 52-week low of $118.77 and a 52-week high of $170.67.
Parker-Hannifin Corporation (NYSE:PH) last announced its earnings results on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.14. The business had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.52 billion. Parker-Hannifin Corporation had a net margin of 8.18% and a return on equity of 22.90%. Parker-Hannifin Corporation’s quarterly revenue was up 18.2% on a year-over-year basis. During the same period last year, the firm posted $1.90 earnings per share. Analysts forecast that Parker-Hannifin Corporation will post $9.08 EPS for the current fiscal year.
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In related news, Director Joseph Scaminace sold 500 shares of Parker-Hannifin Corporation stock in a transaction on Monday, August 28th. The shares were sold at an average price of $158.35, for a total value of $79,175.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Mark J. Hart sold 600 shares of Parker-Hannifin Corporation stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $160.72, for a total transaction of $96,432.00. Following the completion of the transaction, the executive vice president now directly owns 5,851 shares in the company, valued at $940,372.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,389 shares of company stock worth $878,913. 2.73% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of PH. Janus Capital Management increased its stake in shares of Parker-Hannifin Corporation by 216.1% in the third quarter. Janus Capital Management now owns 20,450 shares of the industrial products company’s stock worth $1,990,000 after buying an additional 13,980 shares during the period. Chicago Trust Company purchased a new position in shares of Parker-Hannifin Corporation in the fourth quarter worth $778,000. Union Bankshares increased its stake in shares of Parker-Hannifin Corporation by 10.3% in the fourth quarter. Union Bankshares now owns 25,199 shares of the industrial products company’s stock worth $2,444,000 after buying an additional 2,352 shares during the period. Creative Planning increased its stake in shares of Parker-Hannifin Corporation by 0.4% in the fourth quarter. Creative Planning now owns 18,658 shares of the industrial products company’s stock worth $1,809,000 after buying an additional 76 shares during the period. Finally, Nisa Investment Advisors increased its stake in shares of Parker-Hannifin Corporation by 2.4% in the fourth quarter. Nisa Investment Advisors now owns 46,068 shares of the industrial products company’s stock worth $4,468,000 after buying an additional 1,100 shares during the period. 80.24% of the stock is currently owned by institutional investors.
About Parker-Hannifin Corporation
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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