Parker-Hannifin (NYSE:PH) Shares Gap Down to $542.96

Parker-Hannifin Co. (NYSE:PH) gapped down prior to trading on Thursday . The stock had previously closed at $542.96, but opened at $525.20. Parker-Hannifin shares last traded at $519.08, with a volume of 364,527 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Stifel Nicolaus boosted their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Truist Financial initiated coverage on Parker-Hannifin in a research note on Thursday, March 14th. They issued a “buy” rating and a $602.00 price objective for the company. Evercore ISI upped their target price on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. KeyCorp raised 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. Finally, TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $515.38.

Parker-Hannifin Trading Down 2.7 %

The company has a 50 day simple moving average of $544.84 and a 200 day simple moving average of $481.32. The company has a market capitalization of $67.81 billion, a PE ratio of 26.88, a price-to-earnings-growth ratio of 1.99 and a beta of 1.51. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.49 and a current ratio of 0.90.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The firm had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the prior year, the company earned $4.76 EPS. The firm’s revenue was up 3.1% compared to the same quarter last year. Analysts anticipate that Parker-Hannifin Co. will post 24.3 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Thursday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is currently 29.31%.

Insider Buying and Selling at Parker-Hannifin

In other news, EVP Mark J. Hart sold 5,197 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total value of $2,613,779.18. Following the completion of the sale, the executive vice president now directly owns 7,063 shares in the company, valued at $3,552,265.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Mark J. Hart sold 5,197 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $502.94, for a total transaction of $2,613,779.18. Following the completion of the sale, the executive vice president now directly owns 7,063 shares in the company, valued at $3,552,265.22. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Andrew D. Ross sold 3,904 shares of Parker-Hannifin stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at $6,693,299.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,079 shares of company stock worth $6,099,566. Insiders own 1.03% of the company’s stock.

Institutional Trading of Parker-Hannifin

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Parker-Hannifin during the fourth quarter worth $665,188,000. Alphinity Investment Management Pty Ltd purchased a new stake in Parker-Hannifin during the third quarter worth about $310,208,000. FMR LLC lifted its position in shares of Parker-Hannifin by 9.6% during the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock worth $1,437,096,000 after purchasing an additional 324,063 shares in the last quarter. Kodai Capital Management LP purchased a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $122,449,000. Finally, International Assets Investment Management LLC grew its holdings in shares of Parker-Hannifin by 65,634.7% in the fourth quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock valued at $101,149,000 after purchasing an additional 219,220 shares in the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

About Parker-Hannifin

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.