Parker-Hannifin (NYSE:PH) Price Target Raised to $575.00 at TD Cowen

Parker-Hannifin (NYSE:PH) had its target price hoisted by stock analysts at TD Cowen from $520.00 to $575.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the industrial products company’s stock. TD Cowen’s price objective points to a potential downside of 17.90% from the stock’s previous close.

A number of other brokerages have also recently weighed in on PH. Mizuho upped their price target on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Evercore ISI upped their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a report on Monday, August 19th. Deutsche Bank Aktiengesellschaft lifted their price target 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. Argus raised their price objective on shares of Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Finally, StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus target price of $677.07.

Parker-Hannifin Stock Performance

Shares of PH traded down $7.78 during trading hours on Tuesday, reaching $700.37. 159,831 shares of the company traded hands, compared to its average volume of 644,851. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The stock’s fifty day moving average is $626.13 and its 200 day moving average is $571.11. Parker-Hannifin has a 1-year low of $415.97 and a 1-year high of $711.60. The stock has a market cap of $90.15 billion, a P/E ratio of 31.63, a price-to-earnings-growth ratio of 2.80 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter last year, the company earned $5.96 EPS. The company’s quarterly revenue was up 1.2% on a year-over-year basis. Equities research analysts anticipate that Parker-Hannifin will post 26.79 earnings per share for the current fiscal year.

Insider Activity at Parker-Hannifin

In related news, CEO Jennifer A. Parmentier sold 4,906 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total value of $3,457,209.14. Following the sale, the chief executive officer now directly owns 33,607 shares of the company’s stock, valued at approximately $23,682,516.83. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now owns 13,120 shares in the company, valued at $9,263,244.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total value of $3,457,209.14. Following the sale, the chief executive officer now owns 33,607 shares in the company, valued at $23,682,516.83. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 20,678 shares of company stock worth $13,840,428. 0.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its holdings in Parker-Hannifin by 14.5% during the first quarter. Russell Investments Group Ltd. now owns 40,778 shares of the industrial products company’s stock worth $22,689,000 after purchasing an additional 5,174 shares during the period. Bleakley Financial Group LLC increased its holdings in shares of Parker-Hannifin by 1.5% during the 1st quarter. Bleakley Financial Group LLC now owns 2,570 shares of the industrial products company’s stock worth $1,428,000 after acquiring an additional 39 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in Parker-Hannifin in the 1st quarter valued at $143,000. TD Asset Management Inc lifted its holdings in Parker-Hannifin by 152.1% during the 1st quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock valued at $73,493,000 after purchasing an additional 79,774 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Parker-Hannifin by 18.4% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 156,362 shares of the industrial products company’s stock worth $86,876,000 after purchasing an additional 24,339 shares during the period. Institutional investors and hedge funds 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.