Parker-Hannifin (NYSE:PH) Price Target Raised to $550.00 at Mizuho

Parker-Hannifin (NYSE:PH) had its price target hoisted by Mizuho from $490.00 to $550.00 in a research note published on Friday, Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

A number of other research firms also recently weighed in on PH. Truist Financial initiated coverage on Parker-Hannifin in a research report on Thursday, March 14th. They issued a buy rating and a $602.00 target price for the company. KeyCorp boosted their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an overweight rating in a research report on Thursday, April 11th. Barclays lifted their price objective on shares of Parker-Hannifin from $558.00 to $625.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. Stifel Nicolaus increased their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. Finally, Evercore ISI upped their price target on Parker-Hannifin from $505.00 to $590.00 and gave the company an outperform rating in a report on Tuesday, February 20th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $523.94.

Parker-Hannifin Stock Up 1.0 %

PH traded up $5.50 during trading on Friday, hitting $536.18. The company had a trading volume of 970,079 shares, compared to its average volume of 601,506. The company has a market cap of $68.85 billion, a PE ratio of 25.27, a P/E/G ratio of 1.91 and a beta of 1.51. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.49. Parker-Hannifin has a 1-year low of $319.14 and a 1-year high of $570.15. The business has a 50-day moving average of $544.86 and a 200-day moving average of $481.66.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. The business had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.93 EPS. As a group, analysts forecast that Parker-Hannifin will post 24.69 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.22%. The ex-dividend date is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is 27.90%.

Hedge Funds Weigh In On Parker-Hannifin

Institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC grew its holdings in Parker-Hannifin by 3.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 36,377 shares of the industrial products company’s stock worth $14,170,000 after acquiring an additional 1,112 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Parker-Hannifin by 0.8% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 13,543 shares of the industrial products company’s stock valued at $5,275,000 after purchasing an additional 104 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Parker-Hannifin by 3.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 17,215 shares of the industrial products company’s stock valued at $6,706,000 after purchasing an additional 502 shares in the last quarter. Raymond James & Associates raised its position in Parker-Hannifin by 3.3% in the 3rd quarter. Raymond James & Associates now owns 188,382 shares of the industrial products company’s stock worth $73,379,000 after purchasing an additional 6,090 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its holdings in Parker-Hannifin by 5.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 51,372 shares of the industrial products company’s stock worth $20,010,000 after buying an additional 2,465 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.