Parker-Hannifin (NYSE:PH) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Parker-Hannifin Co. (NYSE:PH) saw strong trading volume on Tuesday . 592,944 shares changed hands during trading, a decline of 4% from the previous session’s volume of 615,890 shares.The stock last traded at $619.52 and had previously closed at $650.56.

Wall Street Analysts Forecast Growth

PH has been the subject of a number of analyst reports. UBS Group lowered their price target on Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Truist Financial raised their target price on shares of Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Barclays cut their price target on shares of Parker-Hannifin from $800.00 to $791.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. StockNews.com raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, February 8th. Finally, TD Cowen upped their target price on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $739.06.

Parker-Hannifin Price Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59. The firm has a fifty day moving average of $666.26 and a two-hundred day moving average of $650.05. The stock has a market capitalization of $81.12 billion, a P/E ratio of 26.27, a P/E/G ratio of 2.85 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data 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 return on equity of 27.34% and a net margin of 15.87%. On average, analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders 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 annualized dividend and a yield of 1.03%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 26.99%.

Hedge Funds Weigh In On Parker-Hannifin

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Whipplewood Advisors LLC purchased a new position in Parker-Hannifin in the fourth quarter valued at about $25,000. Aster Capital Management DIFC Ltd purchased a new position in Parker-Hannifin in the fourth quarter valued at about $25,000. Millstone Evans Group LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth about $30,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Parker-Hannifin during the fourth quarter valued at about $32,000. Finally, Prestige Wealth Management Group LLC raised its position in shares of Parker-Hannifin by 83.3% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 25 shares during the last quarter. Hedge funds and other institutional investors 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.