Parker-Hannifin (NYSE:PH) Given New $235.00 Price Target at Wells Fargo & Co

Parker-Hannifin (NYSE:PH) had its price objective raised by Wells Fargo & Co from $205.00 to $235.00 in a report published on Thursday, January 18th. Wells Fargo & Co currently has an outperform rating on the industrial products company’s stock.

A number of other research firms also recently commented on PH. Zacks Investment Research raised Parker-Hannifin from a hold rating to a buy rating and set a $236.00 target price for the company in a report on Thursday, January 18th. Stifel Nicolaus reaffirmed a buy rating and set a $245.00 target price (up previously from $218.00) on shares of Parker-Hannifin in a report on Tuesday, January 16th. Cowen reaffirmed a hold rating and set a $180.00 target price on shares of Parker-Hannifin in a report on Wednesday, January 10th. BMO Capital Markets boosted their price target on Parker-Hannifin to $225.00 and gave the company an outperform rating in a report on Thursday, January 4th. Finally, ValuEngine downgraded Parker-Hannifin from a buy rating to a hold rating in a report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company. Parker-Hannifin presently has a consensus rating of Hold and an average target price of $200.83.

Shares of Parker-Hannifin (NYSE:PH) traded up $2.38 during midday trading on Thursday, reaching $176.89. The company’s stock had a trading volume of 2,084,464 shares, compared to its average volume of 1,269,673. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.99 and a current ratio of 1.49. The firm has a market capitalization of $23,534.86, a P/E ratio of 27.60, a PEG ratio of 1.53 and a beta of 1.31. Parker-Hannifin has a fifty-two week low of $149.05 and a fifty-two week high of $212.80.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.08. Parker-Hannifin had a return on equity of 23.15% and a net margin of 6.54%. The business had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter last year, the company earned $1.91 earnings per share. The company’s quarterly revenue was up 26.2% on a year-over-year basis. analysts expect that Parker-Hannifin will post 9.95 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 2nd. Shareholders of record on Friday, February 9th will be issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date is Thursday, February 8th. Parker-Hannifin’s payout ratio is presently 41.19%.

In other news, VP Andrew D. Ross sold 2,056 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $192.14, for a total value of $395,039.84. Following the completion of the sale, the vice president now directly owns 5,207 shares in the company, valued at $1,000,472.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Robert W. Bond sold 5,517 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $181.72, for a total value of $1,002,549.24. Following the completion of the sale, the vice president now owns 28,265 shares of the company’s stock, valued at $5,136,315.80. The disclosure for this sale can be found here. Insiders sold 16,343 shares of company stock valued at $2,982,800 over the last 90 days. Company insiders own 1.12% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. IHT Wealth Management LLC increased its position in shares of Parker-Hannifin by 20.8% in the second quarter. IHT Wealth Management LLC now owns 116 shares of the industrial products company’s stock valued at $119,000 after buying an additional 20 shares in the last quarter. People s United Financial Inc. increased its position in shares of Parker-Hannifin by 0.5% during the second quarter. People s United Financial Inc. now owns 6,079 shares of the industrial products company’s stock worth $972,000 after purchasing an additional 31 shares in the last quarter. National Asset Management Inc. increased its position in shares of Parker-Hannifin by 4.7% during the second quarter. National Asset Management Inc. now owns 1,432 shares of the industrial products company’s stock worth $229,000 after purchasing an additional 64 shares in the last quarter. Suntrust Banks Inc. increased its position in shares of Parker-Hannifin by 0.8% during the second quarter. Suntrust Banks Inc. now owns 22,244 shares of the industrial products company’s stock worth $3,553,000 after purchasing an additional 172 shares in the last quarter. Finally, Logan Capital Management Inc. increased its position in shares of Parker-Hannifin by 14.8% during the second quarter. Logan Capital Management Inc. now owns 1,524 shares of the industrial products company’s stock worth $244,000 after purchasing an additional 197 shares in the last quarter. Institutional investors and hedge funds own 78.39% of the company’s stock.

WARNING: This article was first posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this article on another website, it was illegally copied and reposted in violation of U.S. & international copyright and trademark laws. The correct version of this article can be accessed at https://ledgergazette.com/2018/02/11/parker-hannifin-ph-price-target-raised-to-235-00-at-wells-fargo-co.html.

About Parker-Hannifin

Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.

Analyst Recommendations for Parker-Hannifin (NYSE:PH)

Receive News & Ratings for Parker-Hannifin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parker-Hannifin and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply