Parker-Hannifin (NYSE:PH) Hits New 1-Year High – Here’s What Happened

Shares of Parker-Hannifin Corporation (NYSE:PH) reached a new 52-week high during trading on Tuesday . The stock traded as high as $1,014.10 and last traded at $1,013.1750, with a volume of 168672 shares. The stock had previously closed at $1,001.75.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $941.00 to $965.00 and gave the stock a “hold” rating in a report on Friday, January 30th. Wells Fargo & Company boosted their price target on Parker-Hannifin from $1,000.00 to $1,050.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Morgan Stanley reiterated a “positive” rating on shares of Parker-Hannifin in a research note on Wednesday, January 14th. BNP Paribas Exane started coverage on Parker-Hannifin in a research note on Thursday, December 4th. They issued an “outperform” rating and a $1,020.00 price objective on the stock. Finally, Truist Financial set a $1,139.00 target price on Parker-Hannifin in a report on Friday, January 30th. Seventeen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus price target of $990.47.

Parker-Hannifin Price Performance

The firm has a market cap of $127.48 billion, a P/E ratio of 36.83, a price-to-earnings-growth ratio of 3.23 and a beta of 1.25. The stock’s 50-day moving average is $923.06 and its 200-day moving average is $827.10. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The firm had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the prior year, the firm earned $6.53 EPS. The business’s revenue was up 9.1% on a year-over-year basis. As a group, equities analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Friday, February 6th will be paid a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 0.7%. The ex-dividend date is Friday, February 6th. Parker-Hannifin’s payout ratio is currently 26.26%.

Insider Buying and Selling

In related news, VP Berend Bracht sold 1,457 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $946.48, for a total value of $1,379,021.36. Following the completion of the transaction, the vice president owned 2,580 shares of the company’s stock, valued at $2,441,918.40. This represents a 36.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Matthew A. Jacobson sold 564 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $949.94, for a total transaction of $535,766.16. Following the transaction, the vice president owned 1,000 shares of the company’s stock, valued at approximately $949,940. This represents a 36.06% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 12,551 shares of company stock worth $12,117,502. 0.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Parker-Hannifin

Large investors have recently made changes to their positions in the company. Jain Global LLC bought a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $7,278,000. CHICAGO TRUST Co NA lifted its position in shares of Parker-Hannifin by 7.3% during the fourth quarter. CHICAGO TRUST Co NA now owns 1,567 shares of the industrial products company’s stock worth $1,377,000 after purchasing an additional 107 shares in the last quarter. Equitable Holdings Inc. grew its stake in shares of Parker-Hannifin by 8.0% during the fourth quarter. Equitable Holdings Inc. now owns 2,782 shares of the industrial products company’s stock valued at $2,445,000 after purchasing an additional 206 shares during the last quarter. Laird Norton Wetherby Trust Company LLC acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at $5,203,000. Finally, Stansberry Asset Management LLC increased its position in Parker-Hannifin by 0.9% in the fourth quarter. Stansberry Asset Management LLC now owns 9,244 shares of the industrial products company’s stock worth $8,125,000 after purchasing an additional 78 shares during the period. Institutional investors own 82.44% of the company’s stock.

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.