Parker-Hannifin (NYSE:PH) Downgraded by StockNews.com

StockNews.com cut shares of Parker-Hannifin (NYSE:PH) from a buy rating to a hold rating in a research note published on Tuesday.

A number of other equities research analysts also recently weighed in on the company. Raymond James lifted their target price on Parker-Hannifin from $610.00 to $650.00 and gave the stock an outperform rating in a report on Wednesday, September 4th. Truist Financial reiterated a buy rating and set a $673.00 target price (up previously from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. TD Cowen raised their price target on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a hold rating in a report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a buy rating in a report on Friday, August 9th. Finally, Evercore ISI boosted their target price on Parker-Hannifin from $620.00 to $656.00 and gave the company an outperform rating in a research report on Monday, August 19th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Parker-Hannifin has a consensus rating of Moderate Buy and a consensus price target of $624.43.

Parker-Hannifin Stock Performance

NYSE:PH opened at $635.94 on Tuesday. The company has a market capitalization of $81.74 billion, a PE ratio of 29.97, a P/E/G ratio of 2.51 and a beta of 1.43. Parker-Hannifin has a fifty-two week low of $362.49 and a fifty-two week high of $639.87. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. The company has a 50 day simple moving average of $575.12 and a two-hundred day simple moving average of $549.58.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The business had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. During the same quarter in the previous year, the business earned $6.08 earnings per share. Parker-Hannifin’s revenue for the quarter was up 1.8% on a year-over-year basis. Research analysts anticipate that Parker-Hannifin will post 26.63 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.03%. Parker-Hannifin’s dividend payout ratio (DPR) is currently 30.73%.

Insider Buying and Selling at Parker-Hannifin

In other news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the sale, the director now owns 3,900 shares in the company, valued at approximately $2,299,947. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Institutional investors have recently added to or reduced their stakes in the stock. Addison Advisors LLC bought a new stake in shares of Parker-Hannifin in the second quarter valued at $25,000. Harbor Investment Advisory LLC raised its stake in Parker-Hannifin by 60.6% in the 1st 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 during the period. Northwest Investment Counselors LLC purchased a new stake in Parker-Hannifin during the first quarter valued at about $31,000. Newbridge Financial Services Group Inc. bought a new position in Parker-Hannifin during the fourth quarter worth about $30,000. Finally, Fortitude Family Office LLC increased its stake in shares of Parker-Hannifin by 346.7% in the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 52 shares in the last quarter. Institutional investors own 82.44% of the company’s stock.

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.