Brokerages Set Parker-Hannifin Corporation (NYSE:PH) Price Target at $995.37

Shares of Parker-Hannifin Corporation (NYSE:PH) have been given an average rating of “Moderate Buy” by the twenty-one brokerages that are currently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $995.3684.

Several brokerages recently weighed in on PH. Morgan Stanley raised their price objective on shares of Parker-Hannifin from $945.00 to $1,038.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 24th. JPMorgan Chase & Co. boosted their target price on shares of Parker-Hannifin from $1,083.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Wall Street Zen upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Wednesday, February 4th. BNP Paribas Exane initiated coverage on shares of Parker-Hannifin in a report on Thursday, December 4th. They set an “outperform” rating and a $1,020.00 price target on the stock. Finally, Jefferies Financial Group lifted their price objective on shares of Parker-Hannifin from $1,050.00 to $1,100.00 and gave the company a “buy” rating in a research note on Friday, January 30th.

Parker-Hannifin Price Performance

PH opened at $912.92 on Friday. The stock has a fifty day moving average price of $958.70 and a 200 day moving average price of $861.60. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Parker-Hannifin has a 1 year low of $488.45 and a 1 year high of $1,034.96. The stock has a market cap of $115.23 billion, a price-to-earnings ratio of 33.29, a PEG ratio of 2.88 and a beta of 1.23.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, topping analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.Parker-Hannifin’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.53 earnings per share. Analysts forecast that Parker-Hannifin will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 6th were given a $1.80 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.8%. Parker-Hannifin’s payout ratio is currently 26.26%.

Insider Activity at Parker-Hannifin

In other news, VP Dinu J. Parel sold 1,316 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $950.05, for a total transaction of $1,250,265.80. Following the transaction, the vice president owned 6,534 shares of the company’s stock, valued at approximately $6,207,626.70. This represents a 16.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Matthew A. Jacobson sold 564 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $949.94, for a total value of $535,766.16. Following the completion of the transaction, the vice president directly owned 1,000 shares in the company, valued at $949,940. The trade was a 36.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 10,063 shares of company stock worth $9,891,214 in the last 90 days. Insiders own 0.32% of the company’s stock.

Institutional Trading of Parker-Hannifin

Large investors have recently modified their holdings of the company. Procyon Advisors LLC lifted its position in shares of Parker-Hannifin by 158,565.9% during the 3rd quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock worth $3,843,346,000 after purchasing an additional 5,066,179 shares during the last quarter. Norges Bank acquired a new stake in Parker-Hannifin in the 4th quarter valued at approximately $1,756,230,000. Eurizon Capital SGR S.p.A. bought a new position in Parker-Hannifin in the 4th quarter worth approximately $185,532,000. Focus Partners Wealth lifted its holdings in shares of Parker-Hannifin by 1,535.3% during the fourth quarter. Focus Partners Wealth now owns 221,010 shares of the industrial products company’s stock worth $194,106,000 after buying an additional 207,495 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Parker-Hannifin by 115.7% during the second quarter. Canada Pension Plan Investment Board now owns 367,904 shares of the industrial products company’s stock worth $256,970,000 after buying an additional 197,317 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.