Parker-Hannifin Corporation (PH) Given New $195.00 Price Target at Citigroup Inc.
Parker-Hannifin Corporation (NYSE:PH) had its price objective increased by investment analysts at Citigroup Inc. from $185.00 to $195.00 in a note issued to investors on Friday. The brokerage presently has a “neutral” rating on the industrial products company’s stock. Citigroup Inc.’s target price would indicate a potential upside of 5.19% from the company’s previous close.
Several other brokerages also recently issued reports on PH. Buckingham Research upped their price target on Parker-Hannifin Corporation from $205.00 to $210.00 and gave the stock a “buy” rating in a report on Friday. Credit Suisse Group upped their price target on Parker-Hannifin Corporation from $205.00 to $206.00 and gave the stock an “outperform” rating in a report on Friday. Robert W. Baird upped their price target on Parker-Hannifin Corporation from $183.00 to $194.00 and gave the stock a “neutral” rating in a report on Friday. Jefferies Group LLC upped their price target on Parker-Hannifin Corporation from $175.00 to $185.00 and gave the stock a “hold” rating in a report on Friday. Finally, Morgan Stanley upped their price target on Parker-Hannifin Corporation from $188.00 to $195.00 and gave the stock an “equal weight” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $187.32.
Parker-Hannifin Corporation (PH) traded up $3.39 during midday trading on Friday, hitting $185.38. The stock had a trading volume of 840,811 shares, compared to its average volume of 698,857. The stock has a market cap of $24.92 billion, a P/E ratio of 21.48, a P/E/G ratio of 1.74 and a beta of 1.40. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.44 and a quick ratio of 0.95.
Parker-Hannifin Corporation (NYSE:PH) last announced its quarterly earnings results on Thursday, November 2nd. The industrial products company reported $2.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.22. Parker-Hannifin Corporation had a return on equity of 23.61% and a net margin of 8.37%. The business had revenue of $3.36 billion during the quarter, compared to the consensus estimate of $3.31 billion. During the same quarter in the prior year, the company posted $1.61 earnings per share. Parker-Hannifin Corporation’s revenue was up 22.7% compared to the same quarter last year. sell-side analysts expect that Parker-Hannifin Corporation will post 9.22 earnings per share for the current fiscal year.
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In other news, VP Robert W. Malone sold 540 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $186.37, for a total transaction of $100,639.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph Scaminace sold 500 shares of the company’s 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 disclosure for this sale can be found here. Insiders have sold a total of 5,929 shares of company stock worth $979,553 in the last ninety days. Insiders own 1.12% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Arbitrage SA lifted its position in shares of Parker-Hannifin Corporation by 74.4% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 154,534 shares of the industrial products company’s stock valued at $27,047,000 after buying an additional 65,944 shares during the last quarter. HL Financial Services LLC purchased a new position in shares of Parker-Hannifin Corporation during the 3rd quarter valued at $204,000. Alps Advisors Inc. purchased a new position in shares of Parker-Hannifin Corporation during the 3rd quarter valued at $494,000. Bessemer Group Inc. lifted its holdings in Parker-Hannifin Corporation by 62.8% during the 3rd quarter. Bessemer Group Inc. now owns 2,231 shares of the industrial products company’s stock worth $391,000 after purchasing an additional 861 shares in the last quarter. Finally, Smithfield Trust Co. lifted its holdings in Parker-Hannifin Corporation by 65.5% during the 3rd quarter. Smithfield Trust Co. now owns 2,750 shares of the industrial products company’s stock worth $481,000 after purchasing an additional 1,088 shares in the last quarter. 79.50% of the stock is currently owned by hedge funds and other institutional investors.
Parker-Hannifin Corporation 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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