Truist Financial Raises Parker-Hannifin (NYSE:PH) Price Target to $611.00

Parker-Hannifin (NYSE:PH) had its target price lifted by Truist Financial from $602.00 to $611.00 in a research report report published on Friday, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

Other equities research analysts also recently issued research reports about the stock. Barclays decreased their price target on shares of Parker-Hannifin from $625.00 to $618.00 and set an overweight rating on the stock in a research note on Friday. KeyCorp lifted their price target on Parker-Hannifin from $575.00 to $640.00 and gave the stock an overweight rating in a research report on Thursday, April 11th. Evercore ISI boosted their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the stock an outperform rating in a research note on Tuesday, February 20th. TD Cowen raised Parker-Hannifin from an underperform rating to a market perform rating and raised their price objective for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Finally, Mizuho boosted their target price on Parker-Hannifin from $490.00 to $550.00 and gave the company a neutral rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $523.94.

Parker-Hannifin Price Performance

PH stock traded up $5.50 during mid-day 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 capitalization of $68.85 billion, a price-to-earnings ratio of 25.27, a P/E/G ratio of 1.91 and a beta of 1.51. The company has a 50-day moving average price of $544.86 and a 200 day moving average price of $481.66. The company has a quick ratio of 0.49, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. Parker-Hannifin has a 12-month low of $319.14 and a 12-month high of $570.15.

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

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders 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%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. Parker-Hannifin’s payout ratio is 27.90%.

Hedge Funds Weigh In On Parker-Hannifin

A number of institutional investors have recently modified their holdings of the stock. Harbor Investment Advisory LLC raised its holdings in shares of Parker-Hannifin by 60.6% in the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 20 shares in the last quarter. Sachetta LLC bought a new stake in shares of Parker-Hannifin in the 4th quarter valued at about $25,000. Northwest Investment Counselors LLC purchased a new stake in shares of Parker-Hannifin in the 1st quarter worth approximately $31,000. Wetzel Investment Advisors Inc. bought a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $26,000. Finally, First United Bank & Trust purchased a new position in Parker-Hannifin during the fourth quarter valued at approximately $29,000. 82.44% of the stock is 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.