Parker-Hannifin (NYSE:PH) Reaches New 12-Month High – Here’s What Happened

Parker-Hannifin Co. (NYSE:PH)’s share price hit a new 52-week high on Monday . The stock traded as high as $712.42 and last traded at $706.87, with a volume of 38250 shares traded. The stock had previously closed at $706.87.

Analyst Upgrades and Downgrades

PH has been the subject of several analyst reports. Evercore ISI upped their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research note on Monday, August 19th. Argus upped their price target on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. KeyCorp raised their price objective on Parker-Hannifin from $725.00 to $775.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Mizuho boosted their price objective on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company raised their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $691.40.

Parker-Hannifin Stock Down 1.0 %

The company has a market capitalization of $90.09 billion, a PE ratio of 31.93, a PEG ratio of 2.84 and a beta of 1.43. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The company’s 50 day moving average is $651.50 and its two-hundred day moving average is $582.76.

Parker-Hannifin (NYSE:PH) last issued 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. The firm had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The business’s revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.96 earnings per share. On average, analysts anticipate that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

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

Insider Activity at Parker-Hannifin

In related news, VP Joseph R. Leonti sold 5,877 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the sale, the vice president now owns 15,350 shares in the company, valued at approximately $9,686,464. This represents a 27.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Andrew D. Ross sold 4,864 shares of Parker-Hannifin stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the transaction, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at $9,263,244.80. The trade was a 27.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,077 shares of company stock valued at $12,303,829. 0.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Parker-Hannifin

Several institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its holdings in Parker-Hannifin by 8.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 196,960 shares of the industrial products company’s stock valued at $109,470,000 after acquiring an additional 15,079 shares during the period. Tidal Investments LLC grew its holdings in shares of Parker-Hannifin by 41.4% in the first quarter. Tidal Investments LLC now owns 7,843 shares of the industrial products company’s stock worth $4,360,000 after purchasing an additional 2,298 shares during the last quarter. Jaffetilchin Investment Partners LLC increased its stake in Parker-Hannifin by 15.5% in the 1st quarter. Jaffetilchin Investment Partners LLC now owns 1,020 shares of the industrial products company’s stock worth $567,000 after buying an additional 137 shares during the period. First Western Trust Bank bought a new stake in Parker-Hannifin during the 1st quarter valued at about $236,000. Finally, Plato Investment Management Ltd boosted its position in Parker-Hannifin by 21,881.3% in the 1st quarter. Plato Investment Management Ltd now owns 3,517 shares of the industrial products company’s stock valued at $1,955,000 after buying an additional 3,501 shares during the period. 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.