Parker-Hannifin (NYSE:PH) Stock Moved Up to Hold by Wells Fargo & Company

Wells Fargo & Company upgraded shares of Parker-Hannifin (NYSE:PH) to a hold rating in a report published on Thursday morning,Zacks reports.

A number of other research firms have also commented on PH. KeyCorp boosted their price target on shares of Parker-Hannifin from $1,100.00 to $1,210.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Stifel Nicolaus set a $1,075.00 price objective on Parker-Hannifin in a research report on Friday, August 7th. Wall Street Zen lowered Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Weiss Ratings restated a “buy (b)” rating on shares of Parker-Hannifin in a research report on Friday, July 17th. Finally, Truist Financial upped their target price on Parker-Hannifin from $1,269.00 to $1,358.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Sixteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,119.55.

Parker-Hannifin Price Performance

PH stock opened at $976.02 on Thursday. The firm has a 50 day moving average of $988.26 and a 200-day moving average of $944.33. The company has a current ratio of 1.26, a quick ratio of 0.74 and a debt-to-equity ratio of 0.44. Parker-Hannifin has a 12 month low of $715.37 and a 12 month high of $1,099.94. The firm has a market capitalization of $123.09 billion, a P/E ratio of 34.26, a price-to-earnings-growth ratio of 3.04 and a beta of 1.13.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, August 6th. The industrial products company reported $9.27 EPS for the quarter, beating the consensus estimate of $8.31 by $0.96. The company had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.57 billion. Parker-Hannifin had a net margin of 16.97% and a return on equity of 28.48%. Parker-Hannifin’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $7.69 earnings per share. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. As a group, sell-side analysts predict that Parker-Hannifin will post 34.95 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Monday, August 31st were given a dividend of $2.00 per share. The ex-dividend date was Monday, August 31st. This represents a $8.00 annualized dividend and a dividend yield of 0.8%. Parker-Hannifin’s dividend payout ratio (DPR) is 28.08%.

Insider Activity

In other news, VP Berend Bracht sold 602 shares of Parker-Hannifin stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $1,040.47, for a total transaction of $626,362.94. Following the completion of the sale, the vice president directly owned 4,399 shares of the company’s stock, valued at approximately $4,577,027.53. The trade was a 12.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

Large investors have recently added to or reduced their stakes in the company. Andra AP fonden increased its position in shares of Parker-Hannifin by 3.1% during the 2nd quarter. Andra AP fonden now owns 29,567 shares of the industrial products company’s stock valued at $28,920,000 after purchasing an additional 880 shares during the last quarter. State Street Corp lifted its position in Parker-Hannifin by 0.5% in the 2nd quarter. State Street Corp now owns 9,385,389 shares of the industrial products company’s stock worth $9,180,037,000 after buying an additional 42,548 shares during the last quarter. Tortoise Investment Management LLC boosted its stake in Parker-Hannifin by 6.4% in the second quarter. Tortoise Investment Management LLC now owns 629 shares of the industrial products company’s stock worth $615,000 after buying an additional 38 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in Parker-Hannifin by 10.0% in the second quarter. Sequoia Financial Advisors LLC now owns 60,061 shares of the industrial products company’s stock worth $58,747,000 after buying an additional 5,473 shares in the last quarter. Finally, Archford Capital Strategies LLC grew its position in Parker-Hannifin by 77.5% during the second quarter. Archford Capital Strategies LLC now owns 2,072 shares of the industrial products company’s stock valued at $2,027,000 after acquiring an additional 905 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE:PH) is a diversified manufacturer of motion and control technologies. The company develops and produces systems and components that manage the movement and flow of liquids, gases and other materials for industrial, mobile and aerospace applications.

Its products include hydraulic and pneumatic systems, fluid connectors, filtration and process-control equipment, electromechanical technologies, seals, thermal-management solutions and aerospace systems. Parker-Hannifin serves manufacturers and operators in markets such as factory automation, transportation, energy, construction, life sciences and aviation.

Founded in 1917, Parker-Hannifin is headquartered in Cleveland, Ohio, and serves customers through manufacturing, distribution and sales operations across North America, Europe, Asia and other international markets.