Parker-Hannifin (NYSE:PH) Price Target Raised to $775.00 at Wells Fargo & Company

Parker-Hannifin (NYSE:PH) had its target price upped by research analysts at Wells Fargo & Company from $710.00 to $775.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 9.36% from the stock’s current price.

Other equities analysts have also issued reports about the company. Jefferies Financial Group boosted their price target on Parker-Hannifin from $765.00 to $810.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Mizuho upped their target price on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Stifel Nicolaus decreased their price target on shares of Parker-Hannifin from $691.00 to $689.00 and set a “hold” rating for the company in a research report on Friday, January 24th. Finally, Truist Financial upped their target price on shares of Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus target price of $726.31.

Parker-Hannifin Trading Up 0.7 %

Shares of NYSE:PH traded up $4.78 during trading on Friday, reaching $708.67. The stock had a trading volume of 84,835 shares, compared to its average volume of 603,187. Parker-Hannifin has a fifty-two week low of $463.16 and a fifty-two week high of $712.42. The business has a fifty day moving average price of $666.82 and a 200-day moving average price of $628.47. The stock has a market cap of $91.22 billion, a P/E ratio of 32.00, a PEG ratio of 2.73 and a beta of 1.45. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, beating the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. As a group, analysts anticipate that Parker-Hannifin will post 26.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jennifer A. Parmentier sold 4,906 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 33,607 shares of the company’s stock, valued at approximately $23,682,516.83. The trade was a 12.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Thomas C. Gentile sold 2,430 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the completion of the sale, the vice president now owns 5,465 shares of the company’s stock, valued at $3,831,839.40. This trade represents a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,200 shares of company stock worth $8,595,207 in the last three months. 0.39% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Parker-Hannifin

Institutional investors and hedge funds have recently modified their holdings of the business. West Branch Capital LLC bought a new position in Parker-Hannifin during the third quarter valued at about $25,000. Bangor Savings Bank grew its holdings in Parker-Hannifin by 238.5% during the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 31 shares during the last quarter. Prestige Wealth Management Group LLC lifted its stake in shares of Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after buying an additional 25 shares during the last quarter. Bank of New Hampshire bought a new stake in Parker-Hannifin during the fourth quarter valued at about $35,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Parker-Hannifin during the third quarter worth approximately $39,000. 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.