Argus Increases Parker-Hannifin (NYSE:PH) Price Target to $710.00

Parker-Hannifin (NYSE:PH) had its target price increased by equities researchers at Argus from $650.00 to $710.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Argus’ price objective would suggest a potential upside of 9.24% from the stock’s previous close.

Several other equities research analysts have also commented on PH. Stifel Nicolaus boosted their price target on shares of Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. TD Cowen boosted their price target on shares of Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a report on Wednesday, September 11th. Raymond James lifted their price objective on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Wells Fargo & Company lifted their price objective on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, KeyCorp lifted their price objective on shares of Parker-Hannifin from $640.00 to $725.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $673.14.

Parker-Hannifin Trading Up 1.9 %

Shares of Parker-Hannifin stock traded up $11.95 during trading on Tuesday, hitting $649.95. The stock had a trading volume of 288,867 shares, compared to its average volume of 637,896. The firm’s fifty day simple moving average is $616.39 and its 200-day simple moving average is $565.93. The stock has a market cap of $83.63 billion, a PE ratio of 29.36, a PEG ratio of 2.56 and a beta of 1.43. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. Parker-Hannifin has a 12 month low of $399.19 and a 12 month high of $651.91.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The firm had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same quarter last year, the business earned $5.96 EPS. The business’s revenue was up 1.2% on a year-over-year basis. As a group, sell-side analysts expect that Parker-Hannifin will post 26.84 EPS for the current fiscal year.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Berend Bracht sold 850 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Prime Capital Investment Advisors LLC lifted its position in shares of Parker-Hannifin by 4.2% during the third quarter. Prime Capital Investment Advisors LLC now owns 1,419 shares of the industrial products company’s stock worth $897,000 after purchasing an additional 57 shares in the last quarter. Savvy Advisors Inc. lifted its position in shares of Parker-Hannifin by 13.2% during the third quarter. Savvy Advisors Inc. now owns 661 shares of the industrial products company’s stock worth $418,000 after purchasing an additional 77 shares in the last quarter. Ashton Thomas Private Wealth LLC lifted its position in shares of Parker-Hannifin by 2.7% during the third quarter. Ashton Thomas Private Wealth LLC now owns 4,588 shares of the industrial products company’s stock worth $2,899,000 after purchasing an additional 122 shares in the last quarter. Verus Capital Partners LLC lifted its position in shares of Parker-Hannifin by 11.3% during the third quarter. Verus Capital Partners LLC now owns 1,468 shares of the industrial products company’s stock worth $928,000 after purchasing an additional 149 shares in the last quarter. Finally, Harbour Investments Inc. lifted its position in shares of Parker-Hannifin by 100.4% during the third quarter. Harbour Investments Inc. now owns 1,511 shares of the industrial products company’s stock worth $955,000 after purchasing an additional 757 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Company Profile

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.