Parker-Hannifin (NYSE:PH) Given New $717.00 Price Target at Truist Financial

Parker-Hannifin (NYSE:PH) had its target price lowered by Truist Financial from $842.00 to $717.00 in a research note published on Tuesday morning,Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

Several other equities research analysts have also recently commented on the stock. Citigroup assumed coverage on shares of Parker-Hannifin in a research report on Friday, February 7th. They issued a “buy” rating and a $795.00 price objective on the stock. KeyCorp reduced their price objective on Parker-Hannifin from $790.00 to $690.00 and set an “overweight” rating for the company in a research report on Tuesday. Barclays dropped their target price on Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Wells Fargo & Company upped their price target on Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, Evercore ISI lifted their price objective on shares of Parker-Hannifin from $777.00 to $824.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus price target of $723.41.

Parker-Hannifin Price Performance

Shares of PH stock opened at $523.34 on Tuesday. The firm’s 50 day moving average price is $640.89 and its two-hundred day moving average price is $652.30. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The stock has a market cap of $67.36 billion, a PE ratio of 21.66, a PEG ratio of 2.85 and a beta of 1.39. Parker-Hannifin has a 52-week low of $488.45 and a 52-week high of $718.44.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. As a group, analysts forecast that Parker-Hannifin will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Friday, February 7th. Parker-Hannifin’s payout ratio is 26.99%.

Institutional Trading of Parker-Hannifin

Hedge funds and other institutional investors have recently modified their holdings of the business. Franklin Resources Inc. grew its position in shares of Parker-Hannifin by 39.2% during the 3rd quarter. Franklin Resources Inc. now owns 645,516 shares of the industrial products company’s stock valued at $415,409,000 after purchasing an additional 181,859 shares in the last quarter. Howard Capital Management Group LLC bought a new position in Parker-Hannifin in the fourth quarter valued at $23,390,000. SG Americas Securities LLC lifted its stake in Parker-Hannifin by 752.5% during the fourth quarter. SG Americas Securities LLC now owns 24,381 shares of the industrial products company’s stock worth $15,507,000 after purchasing an additional 21,521 shares during the last quarter. Columbus Macro LLC increased its position in shares of Parker-Hannifin by 485.2% during the 4th quarter. Columbus Macro LLC now owns 10,751 shares of the industrial products company’s stock valued at $6,838,000 after purchasing an additional 8,914 shares during the last quarter. Finally, Congress Asset Management Co. raised its holdings in shares of Parker-Hannifin by 15.5% during the 4th quarter. Congress Asset Management Co. now owns 190,701 shares of the industrial products company’s stock valued at $121,292,000 after buying an additional 25,605 shares in the last quarter. 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.