Wells Fargo & Company Cuts Parker-Hannifin (NYSE:PH) Price Target to $980.00

Parker-Hannifin (NYSE:PH) had its price objective reduced by Wells Fargo & Company from $1,050.00 to $980.00 in a research report sent to investors on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the industrial products company’s stock.

Several other brokerages have also recently commented on PH. Morgan Stanley boosted their price target on shares of Parker-Hannifin from $945.00 to $1,038.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 24th. Citigroup raised their price objective on Parker-Hannifin from $1,074.00 to $1,092.00 and gave the company a “buy” rating in a report on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parker-Hannifin in a research report on Thursday, January 22nd. iA Financial set a $1,032.00 target price on Parker-Hannifin in a report on Thursday, January 29th. Finally, Truist Financial set a $1,139.00 price target on Parker-Hannifin in a research note on Friday, January 30th. Seventeen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $996.60.

Parker-Hannifin Trading Up 0.0%

NYSE:PH opened at $908.32 on Wednesday. The company has a market cap of $114.65 billion, a P/E ratio of 33.13, a price-to-earnings-growth ratio of 2.92 and a beta of 1.25. Parker-Hannifin has a twelve month low of $488.45 and a twelve month high of $1,034.96. The business has a 50 day moving average price of $951.11 and a two-hundred day moving average price of $872.84. 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 posted its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) 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%. During the same period in the prior year, the firm earned $6.53 EPS. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. As a group, analysts expect that Parker-Hannifin will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 6th were given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, February 6th. Parker-Hannifin’s payout ratio is 26.26%.

Insider Transactions at Parker-Hannifin

In other news, COO Andrew D. Ross sold 4,664 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $999.00, for a total value of $4,659,336.00. Following the completion of the sale, the chief operating officer directly owned 13,120 shares of the company’s stock, valued at $13,106,880. This trade represents a 26.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Matthew A. Jacobson sold 564 shares of Parker-Hannifin stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $949.94, for a total value of $535,766.16. Following the transaction, the vice president owned 1,000 shares of the company’s stock, valued at $949,940. This represents a 36.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 10,063 shares of company stock valued at $9,891,214. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Several institutional investors and hedge funds have recently modified their holdings of PH. Rockefeller Capital Management L.P. lifted its position in Parker-Hannifin by 19.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 194,406 shares of the industrial products company’s stock worth $170,876,000 after acquiring an additional 31,870 shares during the last quarter. World Investment Advisors grew its position in shares of Parker-Hannifin by 47.1% in the fourth quarter. World Investment Advisors now owns 2,848 shares of the industrial products company’s stock valued at $2,503,000 after purchasing an additional 912 shares during the last quarter. Demming Financial Services Corp ADV acquired a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $321,000. Farmers National Bank bought a new position in shares of Parker-Hannifin during the fourth quarter worth approximately $310,000. Finally, Corient Private Wealth LLC lifted its holdings in Parker-Hannifin by 6.9% during the 4th quarter. Corient Private Wealth LLC now owns 249,267 shares of the industrial products company’s stock worth $219,342,000 after purchasing an additional 16,030 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Company Profile

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.