KeyCorp Issues Positive Forecast for Parker-Hannifin (NYSE:PH) Stock Price

Parker-Hannifin (NYSE:PH) had its target price raised by KeyCorp from $725.00 to $775.00 in a research report released on Thursday morning,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Several other research firms have also weighed in on PH. Wells Fargo & Company lifted their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Barclays boosted their price objective on Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. TD Cowen lifted their price target on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Argus upped their price objective on shares of Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, Truist Financial lifted their target price on shares of Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $691.40.

Parker-Hannifin Stock Performance

Shares of PH stock traded up $1.00 during mid-day trading on Thursday, reaching $703.68. The stock had a trading volume of 62,377 shares, compared to its average volume of 639,637. Parker-Hannifin has a 1-year low of $426.49 and a 1-year high of $711.60. The firm has a market cap of $90.58 billion, a price-to-earnings ratio of 31.74, a PEG ratio of 2.78 and a beta of 1.43. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The business’s fifty day moving average is $645.01 and its 200-day moving average is $579.25.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping the consensus estimate of $6.14 by $0.06. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. Parker-Hannifin’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.96 EPS. On average, research analysts forecast that Parker-Hannifin will post 26.77 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 annualized dividend and a dividend yield of 0.93%. Parker-Hannifin’s dividend payout ratio is presently 29.45%.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,430 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the sale, the vice president now owns 5,465 shares in the company, valued at $3,831,839.40. This represents a 30.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The trade was a 20.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,927 shares of company stock valued at $12,807,811. 0.39% of the stock is owned by company insiders.

Hedge Funds Weigh In On Parker-Hannifin

Large investors have recently bought and sold shares of the stock. Acadian Asset Management LLC raised its position in Parker-Hannifin by 458.1% in the 1st quarter. Acadian Asset Management LLC now owns 3,354 shares of the industrial products company’s stock valued at $1,862,000 after purchasing an additional 2,753 shares during the last quarter. Edgestream Partners L.P. increased its stake in Parker-Hannifin by 40.9% in the first quarter. Edgestream Partners L.P. now owns 981 shares of the industrial products company’s stock valued at $545,000 after purchasing an additional 285 shares during the period. Clearbridge Investments LLC raised its holdings in shares of Parker-Hannifin by 32.4% in the first quarter. Clearbridge Investments LLC now owns 2,650 shares of the industrial products company’s stock valued at $1,473,000 after buying an additional 649 shares during the last quarter. Crewe Advisors LLC acquired a new stake in shares of Parker-Hannifin during the first quarter worth about $38,000. Finally, CreativeOne Wealth LLC purchased a new position in shares of Parker-Hannifin during the first quarter worth about $342,000. Institutional investors and hedge funds 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.