Parker-Hannifin (NYSE:PH) Coverage Initiated at Citigroup

Citigroup assumed coverage on shares of Parker-Hannifin (NYSE:PH) in a report issued on Friday, Marketbeat.com reports. The firm issued a buy rating and a $795.00 price objective on the industrial products company’s stock.

Other research analysts have also issued research reports about the stock. KeyCorp upped their price target on shares of Parker-Hannifin from $775.00 to $790.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Argus increased their target price on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Robert W. Baird lifted their price target on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. TD Cowen upped their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Finally, UBS Group dropped their target price on Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating for the company in a report on Friday, January 31st. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus target price of $729.18.

Parker-Hannifin Stock Performance

PH opened at $683.62 on Friday. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. Parker-Hannifin has a 12-month low of $492.71 and a 12-month high of $718.44. The business has a 50 day moving average of $665.96 and a 200-day moving average of $633.41. The stock has a market cap of $88.00 billion, a price-to-earnings ratio of 28.30, a PEG ratio of 2.84 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. On average, equities research analysts expect that Parker-Hannifin will post 26.67 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 7th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a yield of 0.95%. Parker-Hannifin’s dividend payout ratio (DPR) is 26.99%.

Institutional Investors Weigh In On Parker-Hannifin

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Proficio Capital Partners LLC increased its position in Parker-Hannifin by 116,370.3% during the 4th quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock worth $725,229,000 after purchasing an additional 1,139,265 shares in the last quarter. State Street Corp grew its stake in shares of Parker-Hannifin by 13.8% during the third quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock worth $3,918,696,000 after buying an additional 753,143 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Parker-Hannifin by 39.9% during the third quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company’s stock worth $1,249,645,000 after buying an additional 564,365 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of Parker-Hannifin by 64,081.5% in the 3rd quarter. International Assets Investment Management LLC now owns 381,880 shares of the industrial products company’s stock valued at $241,279,000 after acquiring an additional 381,285 shares during the last quarter. Finally, World Investment Advisors LLC acquired a new stake in shares of Parker-Hannifin during the 3rd quarter valued at $226,570,000. 82.44% of the stock is currently owned by institutional investors.

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.