Parker-Hannifin Corporation (PH) Receives “Hold” Rating from Cowen and Company
Parker-Hannifin Corporation (NYSE:PH)‘s stock had its “hold” rating reissued by Cowen and Company in a research report issued on Friday. They currently have a $140.00 price target on the industrial products company’s stock. Cowen and Company’s price target points to a potential downside of 20.98% from the stock’s current price.
Other equities research analysts have also recently issued reports about the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $189.00 price target on shares of Parker-Hannifin Corporation in a research note on Friday, July 14th. BidaskClub raised Parker-Hannifin Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, June 21st. ValuEngine raised Parker-Hannifin Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Morgan Stanley cut Parker-Hannifin Corporation from an “overweight” rating to an “equal weight” rating and set a $188.00 price target on the stock. in a research note on Monday. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $165.00 price target (up from $163.00) on shares of Parker-Hannifin Corporation in a research note on Wednesday, August 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the stock. Parker-Hannifin Corporation currently has an average rating of “Buy” and an average target price of $175.88.
Shares of Parker-Hannifin Corporation (PH) traded down 0.05% during mid-day trading on Friday, hitting $177.18. 857,427 shares of the stock traded hands. The firm’s 50-day moving average is $166.85 and its 200-day moving average is $161.54. Parker-Hannifin Corporation has a 52 week low of $118.77 and a 52 week high of $178.39. The stock has a market cap of $23.59 billion, a price-to-earnings ratio of 24.44 and a beta of 1.42.
Parker-Hannifin Corporation (NYSE:PH) last posted its earnings results on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.31 by $0.14. Parker-Hannifin Corporation had a return on equity of 22.90% and a net margin of 8.18%. The firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.52 billion. During the same period in the previous year, the firm earned $1.90 earnings per share. The business’s revenue was up 18.2% compared to the same quarter last year. On average, analysts forecast that Parker-Hannifin Corporation will post $9.08 earnings per share for the current year.
In other Parker-Hannifin Corporation news, VP Martin C. Maxwell sold 2,640 shares of the stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $165.67, for a total value of $437,368.80. Following the transaction, the vice president now owns 31,718 shares of the company’s stock, valued at $5,254,721.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Scaminace sold 500 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $158.35, for a total value of $79,175.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,389 shares of company stock worth $878,913. Corporate insiders own 1.12% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its position in Parker-Hannifin Corporation by 2,619.0% in the first quarter. BlackRock Inc. now owns 8,166,311 shares of the industrial products company’s stock worth $1,309,223,000 after buying an additional 7,865,974 shares in the last quarter. FMR LLC increased its position in Parker-Hannifin Corporation by 1,163.3% in the first quarter. FMR LLC now owns 1,754,907 shares of the industrial products company’s stock worth $281,346,000 after buying an additional 1,615,987 shares in the last quarter. Jennison Associates LLC increased its position in Parker-Hannifin Corporation by 28.5% in the second quarter. Jennison Associates LLC now owns 6,026,440 shares of the industrial products company’s stock worth $963,146,000 after buying an additional 1,336,541 shares in the last quarter. Voya Investment Management LLC increased its position in Parker-Hannifin Corporation by 1,175.0% in the second quarter. Voya Investment Management LLC now owns 1,348,381 shares of the industrial products company’s stock worth $215,499,000 after buying an additional 1,242,624 shares in the last quarter. Finally, Koch Industries Inc. purchased a new stake in Parker-Hannifin Corporation in the second quarter worth about $521,000. 79.71% 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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